bluuebunny/crossref_metadata_2025 huggingface dataset:
Ireland: Money Laundering Provisions Come into Effect
Authors: Moran John A.
Published: January 2008

On 2nd May, 1995 the provisions of the Criminal Justice Act 1994 (the Act), which contain the Irish rules to combat money laundering, came fully into effect. The rules reflected the obligations of the Irish Government pursuant to the European Union Council Directive 91/308/EEC on the Prevention of the Use of the Financial System for the Purpose of Money Laundering (the Directive). As required by the provisions of the Directive, the Act:
The Practical and Legal Aspects of Interdicting the Flow of Dirty Money
Authors: Rider Barry A.K.
Published: January 2008

The acquisition of and control over wealth is the motivation for most serious crimes involving premeditation. This is all the more so when the criminal activity resembles an enterprise which inevitably requires capital to operate and lubricate its aspirations. Money, or rather wealth, in its disposable form, is therefore not only the goal of criminal enterprises but the life blood of the enterprise. Therefore until the profits of crime are taken away from subversive and criminal factions, there is little chance of effectively discouraging criminal and abusive conduct which produces great wealth or, through its profits, allows power and prestige to be acquired. As soon as the state devises methods for the tracing and seizure of such funds, there is an obvious and compelling incentive for the criminal to hide the source of his ill‐gotten gains — in other words to engage in money laundering.
Computer‐related Crime: The Role of Control in its Prevention, Detection and Correction — Part II
Authors: Mitchell John
Published: January 2008

This is the concluding part of a briefing on computer related crime. Part I was published in Volume 2, Number 4. Part II considers the problem of internal and external hacking and the control of access before considering various control mechanisms for computer abuse.
Tentative Information, Inside Information, Price‐sensitive Information and Materiality
Authors: Besorai Ahal
Published: January 2008

The disclosure requirements derived from the Listing Rules either expressly or by implication require disclosure of ‘material’ information. These Rules also contain ample provisions which explicitly require the disclosure of tentative information. The term tentative information predominantly focuses on forward‐looking information, that is, information the verification of which is not objectively ascertainable, either due to a lack of substantiating data or because the information consists primarily of objective evaluations or opinions.
Some Thoughts on the Role of the Criminal Law in Deterring Environmental Pollution
Authors: Faure Michael G.
Published: January 2008

In the theory on the usefulness of criminal sanctions several reasons are advanced why environmental pollution should be criminalised. One of the arguments is that the severe sanctions offered by the criminal law are also used to protect classic interests such as property, health and honour. These were the values that were protected by the criminal law in most of the penal codes that were enacted in the last century. The argument can indeed be made that given the deteriorating state of the environment in many industrialised countries, a clean environment is nowadays at least as important as the other just‐mentioned values that were previously protected by the criminal law. Hence, if the criminal law is used to protect these classic individual values it should also be used to protect environmental interests. Indeed, most of these individual values (such as health and property) cannot even be enjoyed if the basic requirements concerning a clean environment have not been met.
How Effective is US Enforcement in Deterring Insider Trading?
Authors: Rakoff Jed S. , Eaton Joanne C.
Published: January 2008

Trading in securities on the basis of non‐public information is too lucrative a temptation ever to disappear entirely. Nevertheless, most qualified observers believe that US enforcement agencies have been reasonably effective in reducing the extent of insider trading in the US. This has been accomplished, moreover, despite the fact that there is no single US law that simply and comprehensively outlaws such trading.
Colombia: The Cali Connection
Authors: Sarker Rinita
Published: January 2008

For the last two decades drug trafficking has been the fastest growth industry in Latin America. Despite the billions of dollars spent in controlling it, and thousands of lives lost, results have been poor and counter‐productive. Hitherto, drug enforcement policies have been flawed by a ‘quick‐fix’ mentality, riddled with contradictions, which chose to ignore the fact that the problem involves consumption not just production, and touches on international banking activities and multinational commerce. The Colombian Cali cartel, reputed to own 80 per cent of the world's cocaine supply, has manipulated the situation to such an extent that even the recent arrest of its head, Gilberto Ore‐juela, ‘The Chess Player’, will do little to topple its stranglehold on the market. The rise of the Cali cartel and subsequent spread of narcoviolence to the USA, may now force the US Drug Enforcement Administration (DEA) to reconsider its pre‐war policies in favour of the Colombian Government's increasingly pragmatic strategy. If the USA does not take heed it may yet suffer the fate forecast by Gabriel Garcia Marques for Colombia. ‘We will rot alive in a war that cannot be won and the rest of the world will rot with us.’
Australia: Australian Transaction Reports and Analysis Centre (AUSTRAC)
Authors: Latimer Paul
Published: January 2008

Australia's Financial Transaction Reports Act 1988 (Cth) set up reporting requirements designed inter alia to identify the money trail of the proceeds of criminal activities and tax evasion. It targets the cash economy, which has always provided scope for tax evasion and the financing and concealing of criminal activity, domestically and internationally. The Act was passed as a result of the findings of two Royal Commissions in the 1980s which found evidence of money laundering and the use of false‐name accounts with financial institutions. A number of laws were passed in 1987 attacking criminal activity through the prevention and detection of offences connected with the cash economy.
Civil Enforcement as a Regulatory Device — An Analysis of Administrative and Civil Enforcement under the Financial Services Act 1986
Authors: Currie Caroline
Published: January 2008

It has been commented that the topic of enforcement needs little introduction ‘since it is readily apparent that the imposition of the [then] new regulatory structure will prove to be a largely futile exercise if regulation cannot be effectively enforced’. Indeed, Professor Gower has made the comment that ‘it is not much use having regulations unless they are enforced’.
The Security of Smart Cards: Some Obstacles Still to be Cleared?
Authors: Backhouse James
Published: January 2008

Smart cards are being toted as the secure means of payment for the future. But there are still some security and legal issues to resolve. This article evaluates current security methods for smart cards and briefly reviews existing legislation related to their use.
‘Unauthorised Use’ and Section 1 of the Computer Misuse Act 1990
Authors: Lai Stanley
Published: January 2008

The withdrawal of charges against a reporter of the Independent, following the failed prosecution of a British Telecom employee illustrates the limitations of the carefully defined offence of ‘unauthorised access’, as provided by s. 1 of the Computer Misuse Act 1990 (the 1990 Act). It remains an oddity that the 1990 Act does little to regulate ‘unauthorised use’, as opposed to ‘unauthorised access’.
A Fresh Insight into the Corporate Criminal Mind
Authors: Robert‐Tissot Simon P.
Published: January 2008

As the commercial activities undertaken by companies have a deeper impact on our lives, it has been recognised as increasingly important to control corporate activities. Control is provided by the criminal law and by statutory or quasi statutory regulation whose purpose is to outlaw corporate activity considered unacceptable in order to protect employees, the environment, investors, or other sections of the general public.
Barings — The Singaporean View
Authors: Sarker Rinita
Published: January 2008

‘All you needed was one mutant cell. It was the perfect environment for a cancer to grow rapidly and it grew into a tumour beyond all proportions. Before we knew it, it had killed the whole body.’ Trader, Barings Securities, Singapore
Barings — A Culture of Greed?
Authors: Whitby David
Published: January 2008

The collapse of Barings Brothers has been blamed on the unsupervised activities of a single ‘rogue trader’ in Singapore. This may have been the cause but it is definitely not the reason. While greed and complacency have played a part, the root of the problem lay in the bank's inability to assimilate and adjust to the widely different cultures within the bank, that came with the acquisition of stockbrokers Henderson Crosthwaite, back in 1984, in what then became Barings Securities.
Australia: The Privilege Against Self‐incrimination in Australian Civil Proceedings — The Decision in Reid v Howard
Authors: Cotton John
Published: January 2008

Courts around the world have, in recent years, spent much time and effort in trying to solve the problem of the privilege against self‐incrimination in civil proceedings. In Reid v Howard, the High Court decided that, in Australia at least, this was time and effort wasted and that only legislators can address the problem. The judgments are notable for their brevity and clarity, but to appreciate this, it is necessary to understand the complex nature of the problem.
South Africa: Combating Economic Crime — The World is Watching
Authors: van Zyl Franso
Published: January 2008

For post‐election South Africa, much is coming its way, both good and bad.
Deviant Legitimacy — A Theory of Financial Crime
Authors: Bosworth‐Davies Rowan
Published: January 2008

In this article, the author begins by restating the theory of criminogenesis which he first examined in an earlier article that dealt with the activities of the futures and derivatives markets. He then extends the theory of criminal potential by examining the conduct of those who work within the Life Assurance and Pensions industry, with particular emphasis on the marketing of personal pensions, and attempts to show that such activity can properly be defined as ‘organised crime’.
Political Intelligence Agencies Acting Against Organised Internatioinal Economic Crime: Potentials, Problems, Forecasts
Authors: Blum Richard H. , Ricks Michael
Published: January 2008

As part of the work of the Symposium a workshop was convened to consider the potential role of, and issues arising from, the expansion of previously political intelligence agencies into fighting international, organised economic (entrepreneurial) crime.
Fraud and Bills of Lading
Authors: Bassindale John
Published: January 2008

Because of their nature, bills of lading present numerous opportunities for fraudsters to manipulate the commodity trades. These opportunities arise because of the unique range of functions that such bills perform. What follows is a brief exposition of the three main legal functions of a bill of lading, as well as three areas of commerce where bill of lading frauds frequently occur.
Testing Times for Lloyd's Auditors: Expert Accountants Step in
Authors: Sim George
Published: January 2008

In recent years, claims resulting from asbestosis and pollution have resulted in enormous losses by many Lloyd's syndicates. Actions by groups of Lloyd's Names alleging negligence against underwriting agents and syndicate auditors have been launched and last year the courts awarded damages against Ernst & Young in relation to their work on the Merrett syndicate in the 1980s. Expert accountants instructed by solicitors acting for Names are involved in the formulation of claims and in the investigative work required to support such claims.
Dishonesty plus Breach of Fiduciary Duties can Add up to Fraud
Authors: Gray Joanna
Published: January 2008

The Privy Council has added an interesting twist to the developing jurisprudence of commercial fraud in Grant Adams v The Queen, a recent appeal from the Court of Appeal of New Zealand. The judgment seems to suggest that the dividing line between ‘civil’ wrongdoing (ie breaches of fiduciary duty, company law obligations) and ‘criminal’ wrongdoing (ie theft and fraud) is not an impenetrable barrier.
France: Criminal Liability for Fraudulent Bankruptcy
Authors: Peacock David
Published: January 2008

Banqueroute, or fraudulent bankruptcy, is the most serious criminal offence that may arise out of insolvency proceedings, known as redressement judiciaire: this single procedure unifies earlier procedures (Statute 85–98 of 25th January, 1985). It is punishable as a ‘misdemeanour’ (or délit correctionnel) and may be committed by debtor or company directors alike. Previously French law had distinguished between negligent bankruptcy (banqueroute simple) and fradulent bankruptcy (banqueroute frauduleuse); these were drawn together by historical evolution and are merged into a limited number of instances by the statute of 25th January, 1985. A second, more diverse category of offences, may be committed by ‘procedural bodies’, the debtor's relatives, creditors, even third parties.
Implementation of the Insider Dealing Directive in the United Kingdom and Germany
Authors: Duderstadt Iliana
Published: January 2008

This article examines the implementation of the Insider Dealing Directive, the aim of which is European harmonisation in the UK and in Germany, two European countries with completely different backgrounds on this issue.
Tax Evasion — A Crime in Itself: The Relationship with Money Laundering
Authors: Bridges Martyn
Published: January 2008

This article considers briefly the general background to tax evasion, why it is a crime and the relationship between tax evasion and money laundering.
Criminal Misconduct in a Public Office
Authors: Harwood Richard
Published: January 2008

Public officials are subject to a wider range of duties than private employees. In both cases, certain acts, such as stealing from their employer, will be criminal. But much misconduct by employees of private organisations does not give rise to criminal sanction. Failure to carry out duties, or deriving a private benefit by reason of employment, would be, in a general sense, misconduct. There may be private law remedies, for example for breach of fiduciary duties or the duty of fidelity. Additionally the employee can be disciplined and dismissed, subject to the requirements of labour law. Third parties affected by the misconduct may have civil remedies against the employee and his employer.
The Sumitomo Scandal: Another Embarrassment for UK Regulatory Authorities?
Authors: Nasi Inga
Published: January 2008

The world financial market is facing another blow. Sumitomo, one of Japan's most conservatively managed companies and the world's largest copper trader, admitted it had lost an estimated $1.8bn (£1.2bn) in unauthorised copper dealings over the past ten years.
Middle East: The Crime of Drawing Worthless Cheques
Authors: Al‐Melhem A.A.
Published: January 2008

The process of drawing cheques instead of cash is spreading, as a consequence of the expansion of banking operations, multiplicity of civil and commercial transactions and the simplicity of such drawing. A cheque is considered an instrument of payment, honoured instantly on demand. Thus a cheque may not be drawn for obtaining credit, and accepting a cheque by a creditor, as a form of payment, docs not discharge a debtor's obligation, unless the cheque value is paid by the drawee.
The Michael Lawrence Sacking — A Confirmation of the Regulatory Traditions of the Stock Exchange and the City of London?
Authors: Gilligan George P.
Published: January 2008

On 4th January, 1996, Mr Michael Lawrence was dismissed from his position as chief executive of the Stock Exchange, instigating a wave of media interest in the decision‐making process of the Exchange. Generally, this media interest was not especially flattering to the Board of the Exchange; and there were wider concerns about the damage that may have been caused to the reputation and credibility of the City of London itself:
Second African CIDOEC Regional Conference on Economic Crime
Authors: Nakajima Chizu
Published: January 2008

The Second African Conference on Economic Crime took place in Johannesburg from 17th to 19th July, 1996. The Conference was organised under the auspices of the Centre for International Documentation on Organised Crime (CIDOEC) by the Police Science Sub‐department of the University of South Africa, the Centre for Business Law of the University of the Orange Free State, the Office for Serious Economic Offences of the Department of Justice of the Republic of South Africa, the Commercial Crime Branch of the South African Police Service and Business Against Crime.
Serious Fraud Office Powers under Section 2 of the Criminal Justice Act 1987 and Police and Criminal Evidence Act 1984
Authors: Savla Sandeep
Published: January 2008

Serious fraud trials are the sum of their component parts such that examination of one particular area often repays attention. The Roskill Fraud Trials Committee's criticisms were the backdrop for the Criminal Justice Act 1987 and the enhanced investigatory powers that are to be found in s. 2 thereof. Seven years after the enactment of the 1987 Act it is apposite to examine whether in derogating from the confines of traditional criminal evidential practices a certain level of procedural and substantive fairness has been maintained. The Police and Criminal Evidence Act 1984 and its application to the rights of a suspect are also of importance. A critical examination of the above issues demands steering a careful course between normative rules and theory: in this area above all others it is impossible and undesirable to divorce one from the other.
Recent Initiatives in the Prevention and Detection of Insurance Fraud
Authors: Dixon Michael I.
Published: January 2008

The insurance industry both in the UK and abroad uses a variety of measures to counter fraud. This short paper, as well as examining these measures, will report on the apparent success the industry is having against fraudsters in the UK. In addition to this some of the more noteworthy cases will be reported upon in order to inform the reader of the differing types of frauds which may be encountered.
Swaps Litigation: Westdeutsche Landesbank Girozentrale v Islington LBC
Authors: Houston Karen
Published: January 2008

An interest rate swap is an agreement between two parties by which one party (‘the fixed rate payer’) agrees to pay the other (‘the floating rate payer’) interest on a notional principal sum at a fixed rate over a certain period. The floating rate payer agrees to pay the fixed rate payer interest on the same notional sum at a fluctuating rate determined by reference to a market rate such as the six‐month London Inter‐Bank Offered Rate (LIBOR). Often the fixed rate payer will make an upfront payment to the floating rate payer with the result that the rate of interest payable by the fixed rate payer is reduced.
Defining Fraud: An Argument in Favour of a General Offence of Fraud
Authors: Page Flora
Published: January 2008

Fraud is not yet universally recognised or understood as a crime, in the way that theft is. All sectors of our society recognise shoplifting as a crime, whereas an exaggerated insurance claim tends to be seen more as a matter of personal morality than public law and order.
Should Greed Be the Goad for Good?
Authors: Morehead Dworkin Terry
Published: January 2008

Fighting wrongdoing through whistleblowing is on the horizon. This year a whistleblower protection bill was introduced in Parliament, the media have prominently featured incidents where failure of whistleblowing has occurred, and prominent UK scholars and leaders have endorsed it. The USA was at this same juncture 10–15 years ago, when many felt the large institutions in US society were beyond effective control. Whistleblowers were seen as a vanguard which could directly correct wrong‐doing and indirectly facilitate organisational ‘right‐doing’. Early reporting of wrongdoing by organisation insiders who had good evidence would lead to more expedient and less expensive correction of the problem. Encouraging whistle‐blowing would also indirectly deter wrongdoing because those considering wrongdoing would know fellow employees were watching and willing to talk. The resulting state legislation, enacted by three‐quarters of the states, is similar to the proposed UK legislation in many important respects.
Spies, Traitors and Good Faith
Authors: Fung Eugene T.S.
Published: January 2008

Back in 1988, Lord Brightman said in his Spycatcher judgment that:
Deceiving a Company: R v Rozeik
Authors: Gray Joanna
Published: January 2008

The ambit and application of s. 15 Theft Act 1968 have received considerable appellate scrutiny lately:
Company Informants and Disclosure of Journalistic Sources: Goodwin v United Kingdom
Authors: Savla Sandeep
Published: January 2008

It may be a trite observation that the European Court of Human Rights is concerned with the preservation of individual rights, but the extent to which individual rights are to be asserted when faced with competing claims is not so clear. To what extent, for example, are competing rights and interests or the incidental costs of the individual right to be weighed in the balance so as to override that individual right? This issue arose in Goodwin v United Kingdom, where the European Court of Human Rights considered whether a company could obtain disclosure of a journalist's notes of a conversation with an informant who had obtained information from a stolen confidential business plan belonging to the company. The judgment of the European Court is important on a substantive level but of equal importance is the adjudicative process employed by the European Court, since an examination of this may reveal the manner in which the Court deals with competing claims.
Singapore: Recent Developments in Futures Trading
Authors: Chandran Ravi
Published: January 2008

The Futures Trading Act has been in force in Singapore since 1986. In 1995, substantive changes were made to the Futures Trading Act to make it more effective and to reflect developments in the market. The aim of this article is to examine these changes.
South Africa: Derailing the Gravy Train — Controlling Corruption
Authors: Camerer Lala
Published: January 2008

Corruption, broadly defined as ‘the abuse of public power for private gain’ is extremely harmful to any community. It threatens economic growth, social development, consolidation of democracy and the national morale. Politically, it creates situations of potential instability by destroying trust and confidence, for when an administration loses its credibility a climate for instability, unrest and general lawlessness is created. Economically, corruption stifles private initiative and enterprise, and the huge kickbacks and commissions demanded may act as disincentives to investment whether by foreign or local entrepreneurs. Corruption often goes hand in hand with other criminal practices, for example money laundering, drug trafficking and organised crime, which may threaten a legitimate economy. Corruption thus negatively impacts on practices of productivity and performance as well as efforts to bring about recovery and development.
Hong Kong: Beyond 1997 — The Importance of International Cooperation in the Fight against Corruption
Authors: Bishop Mike
Published: January 2008

The aims of this paper are threefold: first, to present a brief description of the history and work of the Hong Kong Independent Commission Against Corruption (ICAC); secondly, to emphasise the importance of international liaison and cooperation as a strategy to transcend jurisdictional barriers in the fight against corruption and corruption‐related crime; and, thirdly, to reconfirm the ICAC's continued role in and commitment to that strategy beyond 1997.
Counterfeit Medicines: Strategies to Deal with a Commercial Crime
Authors: Jayasuriya D.C.
Published: January 2008

In the wake of the 1988 United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances, attention has come to be focused on money laundering. Several developed, and some developing, countries now have in place legislative and other control measures designed to enable information to be collected and to facilitate investigations with regard to investments and transfer of funds above a certain monetary limit; to confiscate assets purchased with the proceeds from the sale of controlled drugs; and, to impose stringent jail and other sentences on persons contravening the applicable drug or banking laws.
Corruption: A General Review with an Emphasis on the Role of the World Bank
Authors: Shihata Ibrahim F.I.
Published: January 2008

Societies may differ in their views as to what constitutes corruption, although the concept finds universal manifestations. Experts have different perspectives on the meaning, causes and effects of this universal phenomenon. While a few take an inter‐disciplinary approach, positions are more often influenced by the respective discipline. The literature on the subject is vast and diversified. Any attempt to summarize it here would not do it justice. It may be useful, however, to begin this paper by sharing with the reader some of the main findings based on that literature.
Tracing Money through Art Transactions
Authors: Vaswani Mona
Published: January 2008

‘Tracing’ is the means by which a person who has been wrongly deprived of a thing attempts to identify and follow that thing, or its substitute in value, into the hands of other persons to whom the thing or the value of the thing has passed. Once the value of the thing has been identified in the hands of the potential defendant, depending on the facts, the plaintiff is then in a position to bring a common law action for wrongful interference with his assets and/or make a claim in restitution in respect of those assets.
Investigation of Corrupt Practices: Government Inquiries and Investigations
Authors: Harwood Richard
Published: January 2008

Elaborate systems have been established to investigate and control the operation of government. These enable central government to deal with internal problems. But they also have important roles in maintaining accountability to Parliament; detecting breaches of the law and maintaining public confidence in government.
The Future Fraud and Corruption Scenario in Developing and Developed Countries
Authors: Koon Teh Yik
Published: January 2008

Most existing literatures on fraud and corruption concentrate on those committed at the lower level, that is, by lay persons, professionals as well as organisations. Seldom do researchers write on fraud and corruption at higher level, that is, by politicians. The possible reasons are:
France: Cost of Tax Evasion and White‐Collar Crime
Authors: Peacock David
Published: January 2008

In a study dedicated to the cost of crime, the Centre for Sociological Research on Law and Criminal Institutions (Cesdip) highlights the scale of white‐collar offending, such as tax evasion and economic and financial crime. In 1991 these invisible crimes cost the community dearly: tax evasion entailed lost revenues totalling Ffl38bn — equivalent to the 1991 budget deficit — while economic and financial crime represented a cost of more than Ff6bn. The cost of these offences has gone up continuously — a Ff20bn increase for tax evasion alone between 1988 and 1991. These amounts must be compared with the losses deriving from traditional crimes like thefts; in 1991 the cost of this offence was FD.5bn, that is about half that of economic and financial crime.
Nigeria: Developments in the Criminal Law — Economic and Business Crimes
Authors: Vukor‐Quarshie G.N.K.
Published: January 2008

It has become increasingly popular and fashionable in Nigeria to enact penal laws which regulate and impinge on business activities. Although scattered corruption and economic crime provisions are found in some of the pre‐1980 statutes, the new phenomenon of enforcing economic regulations through the criminal law instrumentality in Nigeria attained great visibility from about 1984 and has become firmly entrenched in the last eight years.
Canada: Struggling with Computer‐related Crime in the Next Millennium
Authors: Duncan Michael
Published: January 2008

It is one thing to investigate a simple theft. It is another thing to investigate a computer‐related crime that transcends national borders with case and speed, that presents new legal challenges at every turn, that can be intrinsically linked to organised crime activity, and that may require the special knowledge and expertise of investigators who just happen to be very few in number.
USA: Private Prosecution of Criminal Conduct
Authors: Friedman David S.
Published: January 2008

In the USA, unlike Germany, Japan, and many other nations, victims ordinarily play a very limited role in the prosecution of crimes. Indeed, victims have so little prosecutorial authority that a growing ‘victims' rights‘ movement calls for constitutional amendments to give victims more control over criminal trials. Yet American law features some important exceptions to this general rule — for many environmental and white‐collar crimes, private citizens can bring actions to enforce the law. What makes these actions unique is the absence of ‘standing’ requirements that oblige the plaintiff to demonstrate that he or she was directly harmed by the criminal's actions.
The Search for Supra‐National Solutions: Investigating Fraud against the European Budget
Authors: Tupman W.A.
Published: January 2008

Fraud against the Community budget requires a supranational response because it is an area in which organised crime groups work on a cross‐border basis. The paper considers some of the difficulties confronting the mounting of such a supra‐national response: the inbuilt character of fraud on the Community budget, given the nature of the organisation; difficulties with information technology; the scale of the problem; the lack of prioritisation of the issue by Member States; corruption within the political establishments of Member States; and legal problems. The paper concludes with an examination of the available models for operational cooperation in the fight against fraud: the K4 Commission set up under the Maastricht Treaty, the SIRENE bureaux, Interpol, Europol and UCLAF, the Commission's own anti‐fraud unit. National police investigators have anyway set up their own cross‐border networks to combat the changing modes of cross‐border crime; but all this raises questions about national sovereignty and accountability.
Money Laundering
Authors: Lambert Alan
Published: January 2008

This comparison has been prepared in an effort to assist practitioners when confronted with the main money‐laundering provisions of legislation as they apply to crime and also to drug trafficking.
The Ban on Self Incrimination after the Saunders Judgment
Authors: Eriksen Morten , Thorkildsen Tarjei
Published: January 2008

In most jurisdictions a suspect has the right to remain silent during criminal proceedings and he cannot be penalised for making false statements. This is loosely known as the ‘ban on self incrimination’ and is regarded as an important factor in due process protection of individuals subject to criminal proceedings. The right to silence applies only to the stage of criminal proceedings, and up to date it has surprisingly not been seriously debated. A criminal may have caused individuals and society major loss, damage or suffering; in principle one would expect that he would be obliged to assist in the clearing‐up of the case, particularly if this could ameliorate or repair the negative consequences of the crime. But this is not the way it is looked at. The suspect is under pressure, and must not be faced with the choice of lying or confessing.
EC Criminal Law: Prospects for the Corpus Juris
Authors: White Simone
Published: January 2008

In 1996, with a proposal for a Corpus Juris to unify the criminal laws and procedures of the Member States with regards to offences affecting the EC budget, the fight against fraud and corruption affecting the EC budget took a truly ambitious turn. This proposal attempts to build upon attempts to protect EC funds by means of criminal law, through the application of assimilation, harmonisation and cooperation. The author discusses the chances of the Corpus Juris being adopted as a Community instrument in the light of the changes to the Treaty on European Union agreed at Amsterdam.
Financial Crime and Potential Investment, International Integration Futures Forecasting: Bulgaria as What Kind of Special Case?
Authors: Blum Richard H. , Kandeva Emilia , Konstantinova Svetla , Kosev Anatoli
Published: January 2008

Intergovernmental bodies, governments, agencies, commercial and philanthropic institutions, when deciding whether or not to invest in low income nations where there is developmental uncertainty, do not now include formal appraisals of investment risk as including economic crime and its milieu correlates. Informal evaluations seem common, but appear to be hazarded by psychosocial and methodological processes and problems of which conventional decision makers are probably not aware. The authors consider these cognitive, group information processing and data adequacy hazards, and seek to examine investment risk as it relates to published reports bearing on economic crime and associated factors. The inadequacy of current data and assumptions is emphasised. Bulgaria is the illustrative case of poor data misinterpreted, eg the role of the underground economy, of careless ‘master trait’ summary reporting, and thus of exaggerated uncertainty for investment. Because the undertakings of the newly elected Bulgarian Government affirm the principles of loan recipient soundness long demanded by the IMF, now the criterion for World Bank loans, there is reason to believe Bulgaria will increasingly be viewed as a candidate for investment and Western European integration. Nevertheless economic crime and its associated features pose a measurement and forecast weighting challenge as ‘intangibles’. It is the better definition and more rigorous measurement of these, and avoidance of distorting information‐transmitting events which can exaggerate error, which remains to be done. Hard criminological evidence supporting confidence exists, for examination of earlier crime rates shows a society with low crime rates, such that current transitional fraud and violence may be but anomalies. Further, by assigning arbitrary positive values to cultural history and current governmental intentions, it may be concluded, that given evidence of modernisation of regulations and massive police reform, and a necessary speed in instituting change, development growth is likely. The authors are themselves, like most forecasting institutions, cautiously optimistic about the investment potential of Bulgaria. They nevertheless counsel that decision makers ignore at their peril the dangers in any low income country of crime and its correlated milieu.
The Role of Chemicals Control in the Fight against Illicit Drug Production and Trafficking
Authors: Jayasuriya D.C.
Published: January 2008

Since the adoption of the 1988 UN Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances, an increasing number of state parties are according attention to the regulation of precursors. The term ‘precursor’ is neither a scientific nor a technical term. It is used to refer to various substances such as chemicals, acids, solvents and reagents that are frequently used in the illicit manufacture of narcotic drugs and psychotropic substances.
Anti‐Corruption Laws: Is There a Model?
Authors: Maynard Peter
Published: January 2008

The short answer is no. Notable examples of anti‐corruption laws are available. But there is probably no single example that one would elevate to a definitive universal model. This short briefing will focus first on the multilateral efforts of the Organization of the American States (OAS) against corruption and secondly, on the new anti money‐laundering legislation of the Bahamas with references to other major countries, as another perspective apart from the perspectives of other regions.
Australia: The Privilege against Self‐Incrimination: Recent Developments
Authors: Cotton John
Published: January 2008

In a recent article, Dr John Breslin discussed European developments concerning the privilege against self‐incrimination (‘the privilege’). His comments related primarily to the Saunders case and since then, in December 1996, the European Court of Human Rights has confirmed the European Commission's decision in favour of Sir Ernest Saunders.
China: The Strategy of Prevention against Organised Corruption
Authors: Mi Zhou
Published: January 2008

Corruption is a historical social phenomenon just like other hinds of crime. It was born and will die with the social class system. It is one of the oldest crimes which remains the same under different names on the journey of social change. The rulers of society have insisted on severe sanctions against it including capital and other punishments upon offenders, but it has always survived in spite of continual prohibitions at different times in history. Since economic contacts are more frequent and closer, new types of corruption have emerged. Offences are now more organised and better planned. New characteristics are: (1) illegal organisation; (2) there may be political motives as well as economic purposes; (3) the offenders tend to use fraudulence and blackmail; (4) enormous sums of money are involved to obtain vast unlawful profits. According to the characteristics of organised corruption, the strategy of prevention should be comprehensive, consisting of precaution, relief and warning. Precaution is the most important and relief is the second best, followed by warning. These three measures should be used together. The strategy should combine sanctions and education together, with emphasis on precaution as well as relief and warning, reminding public servants of their duties and reputation and the penalties for breaches of the law.
Insider Trading Regulation: A Developing State's Perspective
Authors: Summe Philip , McCoy Kimberly A.
Published: January 2008

Throughout the history of commerce, individuals have searched for informational advantages that will lead to their enrichment. In a time of global capital markets, 24 hours a day trading opportunities, and a professional services corps of market experts, informational advantages are pursued by virtually every market participant. This paper examines one of the most vilified informational advantages in modern capital markets: insider trading. In the USA during the 1980s, insider trading scandals occupied the front pages of not only the trade papers, but also quotidian tabloids. Assailed for its unfairness and characterised by some as thievery, insider trading incidents increased calls for stricter regulation of the marketplace and its participants. In the aftermath of the spectacular insider trading litigation in the USA in the late 1980s, many foreign states began to re‐evaluate the effectiveness of their own regulatory structures. In large part, this reassessment was not the produce of domestic demand, but constituted a response to American agitation for increased regulation of insider trading.
Combating Criminal Transactions in Russo‐West Trade and the Need for a European Cooperation Framework
Authors: Sinuraya Timur
Published: January 2008

There is an opinion among decision makers in Western Europe that as far as the ‘Russian organised crime’ problem is concerned it will be largely restricted to Russia and that the real threat to Western Europe will be minimal. The truth is that it is in Russia where the problem has to be attacked in order to limit its impact on Western Europe.
Will Corruption Ever Be Curbed in the Banking Industry?
Authors: Koon Teh Yik
Published: January 2008

What do people mean by corruption? Corruption was defined by Brooks in 1910 as ‘the international misperformance or neglect of a recognised duty, or the unwarranted exercise of power, with the motive of gaining some advantage more or less directly personal’.
BCCI: The Priority of Kings, or What's More Dangerous, the Cavalry or the Indians?
Authors: Rossbacher Henry H. , Young Tracy W.
Published: January 2008

Is suing the international criminal the same as or different from suing the domestic criminal? The question assumes at least part of the answer. Many of the practical problems are readily apparent. There is the problem with obtaining legal jurisdicton over the malefactor's person and assets, the problem of finding both, and, of course, the prohibitive expense of an international litigation. Each country has its own procedural and substantive idiosyncracies, resulting in an uphill battle for any international litigant. But there are more subtle queries to be answered.
Do the UK's Provisions for Confiscation Orders Breach the European Convention on Human Rights?
Authors: Alexander Richard
Published: January 2008

For just over a decade now, it has been a principle enshrined in UK legislation that a criminal should not be allowed to retain the proceeds of his offences. The main impetus was the theory that if crime genuinely did not pay, there would be no incentive to commit it and therefore that the confiscation of the proceeds would prove a greater deterrent than a mere sentence of imprisonment. There was also the view, strongly supported by the public, that those who commit serious crimes should not be able simply to sit out a given length of time in prison certain in the knowledge that when they came out, they could look forward to a comfortable existence on their ill‐gotten gains.
Recent Developments Regarding the Misappropriation Theory in Securities Fraud Actions
Authors: Dorkey Charles E.
Published: January 2008

On 25th June, 1997, the US Supreme Court issued an important decision in which it endorsed an expanded theory of insider trading liability under the federal securities laws. In United States v O'Hagan, the Court held, in a 6‐3 decision, that a person who misappropriates confidential information for securities trading purposes, in breach of a duty owed to the source of the information, may be found liable for securities fraud under s. 10(b) of the Securities Exchange Act of 1934 (the ‘Exchange Act’) and SEC Rule 10b‐5, which prohibit the use of fraud or deception ‘in connection with the purchase or sale of any security’. In endorsing the ‘misappropriation’ theory, the Court resolved a longstanding split among the federal Circuit Courts of Appeal and upheld an important tool in the prosecution of securities fraud. Separately, the Court held that the Securities and Exchange Commission (SEC) did not exceed its rulemaking authority under s. 14(e) of the Exchange Act when it adopted Rule 14e‐3(a), which prohibits trading on the basis of material, non‐public information concerning a tender offer, without requiring the government to show a breach of fiduciary duty.
Estonia: Counterfeit Money in the Republic
Authors: Leps Ando
Published: January 2008

Counterfeiting of money or securities, or use of counterfeit money or securities is examined in Article 85 of the Estonian Criminal Code. According to its disposition, counterfeiting of money, credit cards or any other tender, as well as shares, bonds, cheques, bills of exchange or any other securities with the aim of putting them into circulation, as well as deliberate use of counterfeit money, credit cards or any other tender; shares, bonds, cheques, bills of exchange of any other securities, is punishable under penal law. The qualifying characteristics of crimes under Article 85 are counterfeiting of money etc with the purpose of circulation, or the act of circulation. Systematic nature and scale of the activity are regarded as modifying circumstances of such crimes. Additionally to the Criminal Code, the punishment for such activity is up to ten years in prison.
Sweden: Fraud and Abuse of Welfare Systems
Authors: Sandberg Bo
Published: January 2008

The issue of fraud and the abuse of the social welfare system has become increasingly topical in most industrial countries with the greater difficulty in funding public sector expenditure. With large budget deficits, low economic growth and high unemployment, tolerance for different forms of abuse generally decreases. This trend also applies in Sweden.
The Weinberger Pardon: A Blow to American Justice
Authors: Gillen Craig A.
Published: January 2008

This article addresses the propriety of President George Bush's, 24th December, 1992 pre‐trial pardon of former Secretary of Defense, Caspar Weinberger, an Iran/Contra defendant.
Formulating a New Offence of Bribery — Catching the Chimera
Authors: Williams Tom
Published: January 2008

Corruption has plagued civilised society since its inception. Backed by man's ingenuity, it has reared its ugly head in many different guises throughout the ages. It is this ability of corruption to change its form and appearance that makes it such an elusive concept to trap within the confines of the criminal law.
North America: A Perspective on the Globalisation of Organised Crime
Authors: Beare Margaret E.
Published: January 2008

There are three distinct aspects to the topic of the globalisation of organised crime. First, it allows for or creates a shared world view as to the threats and risks that countries (developed and less developed) face. Secondly, globalisation encourages and facilitates a shared response to these risks. And finally, to the extent that the risks are real/actual, the risks themselves are shared. In specific reference to organised crime, globalisation factors therefore present a socially constructed framework for understanding and defining some activities as both criminal and threatening. These globally shared interpretations lead into the second aspect. Given the agreed nature of transnational organised crime, mechanisms are put in place to press for a uniform response to the threats. The nature of business and finance and the movement of people in a global economy also mean that crime and criminal commodities and criminals move across jurisdictions, making the globe the market — source and demand — for organised crime commodities.
India: Irregularities in Securities and Banking Transactions in the Indian Financial System in 1992
Authors: Singh Jaspal
Published: January 2008

The irregularities in securities and banking transactions, more popularly known as the ‘Bank Scam’ first came to public notice through an exposure by the press on 28th April, 1992, revealing a shortfall in government securities in the State Bank of India, which is a premier bank of the country, amounting to Rs640 crores.
The Penetration of Asset Protection Trusts
Authors: Kenney Martin S.
Published: January 2008

People seek to accumulate, maintain and protect wealth. The trust relation is among the most popular and flexible legal models available in furtherance of these ends, particularly in the offshore world.
The Internet and US Financial Markets
Authors: Rutledge G. Philip
Published: January 2008

Information intensive industries such as financial services are being transformed by the Internet. Specifically, it is the interactive, multimedia side of the Internet, known as the World Wide Web (Web) which is driving this transformation. Without the intense graphics, sound bites and other capabilities provided by the Web, the Internet would be a pretty dull place to visit.