bluuebunny/crossref_metadata_2025 huggingface dataset:
The Asset Tracer's Armoury
Authors: Houston Karen
Published: January 2008

From the media it is easy to believe that the law does not provide a realistic remedy against fraudsters and that even if they are caught, the assets which they have whisked away will have disappeared into the ether. However, the recent success of lawyers representing the Salvation Army in recovering monies lost in international fraud demonstrates that the fraudsters do not always get the upper hand. Using an effective and at times innovative combination of ancillary orders to compel the disclosure of evidence and information and to freeze assets, Slaughter and May were able to retrieve for their client not only the $8.8m originally lost, but also $4.9m in interest and costs. This article looks at the legal background to the three principal types of order which were obtained — Norwich Pharmacal orders, Anton Piller orders and Mareva injunctions — and draws on the Salvation Army case to illustrate their use in practice.
In the Privy Council: Grant Adams v The Queen
Authors: Daniels Iain
Published: January 2008

The defendant was a Director and Deputy Chairman of Equiticorp Holdings Ltd, a company based in New Zealand. As part of the company's ‘investment team’, he was asked by the Chairman, Allan Robert Hawkins, to set up a series of companies, an overseas structure, through which transactions could be conducted and the source of those transactions be concealed. This was referred to as the Yeoman Loop. In a series of five transactions it was alleged the defendant and the five other members of the investment team used this Loop to disguise or conceal from the company transactions whereby money was passed through it being converted in most cases into different currencies and finally, in all but one occasion being paid out to the investment team themselves through the company's solicitors. One of those transactions related to shares in Keady Ltd belonging to EIHK, a subsidiary of EHL, which were, after passing through the Loop, transferred to the conspirators and in part sold back to EHL. The trading of those shares was commented upon at a Board meeting of EHL in February 1987 and, although present, no member of the investment team made comment on their dealings. When in May 1987 the auditors asked for confirmation that the independent directors had approved the sale of shares in Keady Ltd to the investment team, the defendant, at Hawkins' request, drafted a minute of a non‐existent meeting wherein two independent directors approved the allocation of shares.
Civil Remedies in Law Enforcement: The Planning Experience
Authors: Harwood Richard
Published: January 2008

Enforcement of regulatory controls has traditionally been left to the criminal law. In the last 15 years there has been an increasing interest in using civil remedies for this purpose. Most of the attention has been on financial services, but there have been recent developments in the UK planning system, which provide interesting parallels.
Switzerland: Measures under Swiss Law to Combat Money Laundering
Authors: Sansonetti Riccardo
Published: January 2008

Over the last few years, Swiss legislative policy designed to combat the use of the financial system for money laundering has been progressively tightened. At a time when Swiss preventive measures are undergoing further changes, it is important to be aware of the various stages through which the legislation has already passed. We should look at the growth of international regulations, in which the important part played by Switzerland should not be forgotten.
Malaysia: Sentencing White‐Collar Offenders
Authors: Kamariah Majid Mimi
Published: January 2008

The Royal Malaysia Police refer to white collar crime as commercial crime and the Commercial Crime Division of its Criminal Investigation Department (CID) deals with offences such as criminal breach of trust, fraud, forgery, counterfeiting, offences under the Banking and Financial Institutions Act 1989, Commodities Trading Act 1985, Cooperative Societies Act 1966, and the Companies Act 1965.
USA: A ‘New Era’ of Preying on the Faithful?
Authors: Rutledge G. Philip
Published: January 2008

In May 1995, shock waves hit the world of US institutional charities, wealthy benefactors and educational organisations. The cause of these tremors was the collapse of the Foundation for New Era Philanthropy and its subsequent filing for protection of the United States Bankruptcy Court wherein it listed more than $551m in liabilities and only $80m in assets. Charities owed money by New Era included hospitals, churches, academic institutions and all manner of cultural, civic and religious organisations.
Wrongful Trading: An Impotent Remedy?
Authors: Schulte Richard
Published: January 2008

Improved creditor and community protection seemed attainable goals when Professor Daniel Prentice described s. 214 of the Insolvency Act (‘s. 214’) as ‘one of the most important developments in company law this century’. The profession and academics perceived that wrongful trading in its legislative form had a bright future because it promised to provide much needed protection. ‘Wrongful trading’ was introduced to minimise the abuse of limited liability by company officers. An honest director could not be liable for a company's debt despite reckless, unreasonable and cavalier business practices. Insolvency practitioners were having difficulty establishing dishonesty under the fraudulent trading provisions. The courts demanded a strict standard of proof for fraudulent trading and many cases never made it to court despite a prospect of recovery against directors. Wrongful trading by comparison is a recent development that, in theory, refines the standard of a director's duty and clarifies that conduct need not be fraudulent, illegal or unconscionable to attract legislative censure. Section 214 measures a director's conduct against a minimum standard of commercial morality and competence.
Self‐incrimination: Recent Developments
Authors: Breslin John
Published: January 2008

The privilege against self‐incrimination was invented by judges in 1645 to curb the excesses of their colleagues in the Court of Star Chamber. Since then, it has become embedded in the common Law with no specific legislative imprimatur. It has also been held to be an implied right under the European Convention on Human Rights (ECHR) which is yet another development of the privilege that has not been democratically sanctioned. By comparison, the privilege against self‐discrimination is an express right under the Fifth Amendment in the American Constitution.
Prosecution by Government Agencies
Authors: Harwood Richard
Published: January 2008

The Scott Report provides guidance on the role of Government agencies in bringing prosecutions. The inquiry was triggered by the collapse of the prosecution of three directors of an engineering company for exporting machine tools to Iraq in breach of export controls. Export control licensing is the responsibility of the Department of Trade and Industry (‘the DTI’). The prosecution, along with a number of others considered by the inquiry, was brought by Customs and Excise.
The Misguided Quest: The Clear Case against UNIDROIT
Authors: Fitzpatrick James F.
Published: January 2008

The purpose of this article is to give a perspective on the latest attempt, via a multinational agreement, to limit and control the international trade in cultural artifacts. The scope of the proposed UNIDROIT agreement goes well beyond the subject matter of the conference — ‘Art Theft and its Control’. This is not an international instrument whose primary focus relates to stolen objects. On this subject, there is a broad consensus, although civil law countries still provide greater deference to purchaser's rights over possessor's rights.
Japan: Criminal Procedure on Computer‐Related Crime
Authors: Yasutomi Kiyoshi
Published: January 2008

By March 1989 approximately 400,000 general‐purpose computers were in use: these could be found in various fields including financial systems, traffic control, medicine, factories, official registration systems and so forth. It could be said that more or less all important activities depended on computers. Reflecting the wide‐ranging computerisation of business quite a lot of computer‐related crime had appeared that could not be easily dealt with under the provisions of the Japanese penal code as then in force. So a bill to amend the penal code was passed into law in the course of the 108th session of the Diet on 27th May, 1987. The new Act contains provisions amending the penal code so as better to cover computer‐related crime. These provisions came into force on 22nd June, 1987. As a consequence it has become necessary to study various procedural issues that pertain to computer‐related crime.
Sweden: Million Pound Damages for Wrong Tax Advice
Authors: Oberg Conrad
Published: January 2008

A recent civil court ruling heralds a new perception of tax cases by the Swedish courts. The focus is shifted from the company owner to the tax adviser. This opens ways to improve the effectiveness of tax collection and also the prevention of irresponsible tax advising. The reputable accountancy firm Ernst & Young, with worldwide operations, is to pay damages of the equivalent of £1,600,000 to compensate for the effect of failed tax advice.
The Work of the Serious Fraud Office in Assisting Overseas Serious Fraud Investigations
Authors: Staple George
Published: January 2008

Almost without exception, the investigation of serious fraud cases involves the making of enquiries, and the obtaining of admissible evidence, overseas.
Corruption Legislation and Socio‐Economic Change in the People's Republic of China
Authors: Levi Michael , Ruan Fangmin
Published: January 2008

China has a bad reputation — justified or not — for corruption: in a recent Transparency International survey, it was listed by US and European businesspeople as one of the three most corrupt countries in Asia, though its ranking fell slightly in 1996. A national survey revealed that ordinary Chinese regard corruption as the most serious problem after inflation, though 52 per cent expressed doubt that the Government could do anything about it. In 1995, in Beijing alone, 1,085 cases of corruption were uncovered. In 1996, in the Working Report of the Supreme Peoples's Procuratorate, the Chief Procurator Zhang Siqing observed:
Confiscation
Authors: Lambert Alan
Published: January 2008

This comparison has been prepared in an effort to assist practitioners when confronted with the main confiscation provisions of legislation as it applies to crime and also to drug trafficking.
Cyberpayments: Internet and Electronic Money Laundering: Countdown to the Year 2000
Authors: Alexander Kern , Munro Robert
Published: January 2008

Advancing technology has improved the ability of financial institutions and their users to conduct cybercommerce. Improved technology, however, has also provided an opportunity for criminals and fraudsters to use computer software systems to transfer their illicit gains and thereby sustain their criminal enterprises. Cybercommerce depends on rapid, anonymous and unsupervised transactions. Such a system is extremely vulnerable to criminals seeking to launder money on the Internet. In a system where there are millions of transactions unsupervised by financial institutions, comprehensive oversight becomes impractical.
Corruption: The EC Fraud Dimension
Authors: White Simone
Published: January 2008

As part of a plan to combat fraud affecting the EC budget, efforts are now being made at EU level to fight corruption, which is particularly rife in public procurement. As a result, two new legal instruments have been put forward to harmonise the treatment, in the laws of the Member States, of corrupt officials handling EC funds and to improve judicial and other forms of cooperation. The author argues this can only be seen as the first step in the fight against corruption. Cooperation will remain a crucial issue in tackling corruption successfully for the foreseeable future. The protection of informants, and the lifting of officials' immunities will also need to be clarified.
Corporate Criminal Liability: Sanctions and Remedial Action
Authors: Jefferson Michael
Published: January 2008

This article advances the proposition that there is occurring a sea‐change in the sanctions imposed by courts when companies breach the criminal law. It focuses on the publication of the Law Commission's Report No. 237, ‘Legislating the Criminal Code: Involuntary Manslaughter’, of March 1996, questions the effectiveness of the proposed court order compelling remedial action, and suggests that other sanctions should be considered. It should be noted that the Commission's recommendations are not necessarily restricted to the law of manslaughter, but are potentially applicable to all violations of criminal law including financial offences.
ESI and The Stock Exchange
Authors: Linklater Lisa
Published: January 2008

The Stock Exchange is not renowned for its love of technology, and its strong‐armed reaction to the product offered to investors by Electronic Share Information Limited (ESI), a Cambridge‐based computer company, and Sharelink Ltd, the Birmingham‐based execution‐only share dealing service, in September 1995, was perhaps unsurprising.
Whistleblowers — A Legitimate Role in Corporate Life?
Authors: Bastin Gary , Townsend Peter
Published: January 2008

The repercussions for the exposed whistleblowing employee are not always as drastic as those for Stanley Adams or Karen Silkwood. Adams, an ex‐senior executive at Hoffman‐La Roche in Switzerland who, in 1973, reported his employer to the European Commissioner for Competition over the involvement of the company in anti‐competitive practices, suffered a series of dreadful consequences, including imprisonment as a punishment for the crime of ‘economic espionage’, contrary to the Swiss Penal Code. More recently, a police investigation has begun into the death, in July 1991, of Paul Scully, an ex‐copper broker at the American company DLT, who had attempted to blow the whistle on suspicious trading in the copper markets.
France: The Regulation of Market Manipulation
Authors: Rayer Pascal A.
Published: January 2008

It may strike those familiar with French law as astonishing that in 12 years of existence, the new anti‐manipulative provisions have given rise to so few decisions. Several factors may account for this situation: first, there are inherent problems and limits in operating the existing criminal provisions; secondly, a lot of manipulation cases are dealt with under different legal concepts or different rules.
Norway: Penetrating the Secrecy of Financial Institutions — A Norwegian Perspective
Authors: Thorkildsen Tarjei
Published: January 2008

Officers and officials of financial institutions arc, as a basic rule, obliged to keep secret information obtained by virtue of their position. The same applies to valuers, commission agents and others who carry out assignments for business. Such an obligation is not only laid down in the general provision on secrecy in the Financial Services Act 1988 (FSA), which applies to all financing businesses. The duty to keep secret information coming to knowledge in a professional capacity also follows from the more specific legislation governing some financial institutions; such as savings banks, commercial banks, companies or other institutions comprised under the Insurance Operation Act and the Norwegian Postbank.
Serious Fraud Office Report
Authors: Chan Michael
Published: January 2008

The Serious Fraud Office (SFO) has received a larger number of cases for the third consecutive year. This perhaps reflects the increasingly common affliction of fraud in England. 1995–96 has provided the SFO with a number of high‐profile cases such as the Barings collapse and the Guinness appeal. The Barings collapse is still under investigation.
The Criminal Procedure and Investigations Bill: For Better or for Worse?
Authors: Davies Sheilagh
Published: January 2008

The Criminal Justice Act 1987 (CJA 1987) hailed a new era. Obligations were imposed on prosecution and defence to collaborate at an early stage to identify issues, serve documents, prepare schedules and deal with points of law. The preparatory hearing was introduced. The intention was better case management, to smooth the path towards the presentation of trial and make the system generally more efficient. As an idea it was a good one, but the operation was at variance with what Parliament intended. The Act made provision that the party which lost on a particular point at a preparatory hearing could take that point on appeal. This caused a rush of applications to the Court of Appeal with counsel doubtless feeling that they had to take the point so as not to be disadvantaged later. In a number of decisions the Court ruled that the legal arguments did not form part of the preparatory hearing. Arguably the Court of Appeal was looking for clarification but the reality is that there have been a number of inconsistent decisions that have defeated Parliament's intention for smoother case management. If the Court of Appeal was looking for an administrative way of lowering the number of appeals they had to force the ball back into the court of the Executive. Let us examine whether the Criminal Procedure and Investigations Bill has assisted the position or not.
Internet Fraud
Authors: Drinkhall Jim
Published: January 2008

Enforcement authorities around the world are facing a vast threat from unscrupulous persons who correctly see the Internet as a new fraud vehicle that most agencies and governments are under‐staffed and ill prepared to deal with. In hundreds of news stories, the Internet is being touted as a powerful new force that will allow companies to tap into a new market of investors to raise even more money than on traditional exchanges.
Emergency Reform: Export Licensing after the Scott Report
Authors: Harwood Richard
Published: January 2008

The Arms to Iraq inquiry by Sir Richard Scott, Vice Chancellor of the Supreme Court, has recommended a comprehensive review of the system of export licensing. The inquiry was set up after the failed prosecution of directors of a machine tool manufacturer, Matrix Churchill, was abandoned. It had been alleged that the directors had deceived the Government as to the intended use of machine tools that were exported to Iraq in the late 1980s. The Scott Report provides the first comprehensive legal analysis of the licensing system and makes trenchant recommendations for its reform.
Panama: New Law Offers a Liechtenstein‐Style Foundation
Authors: Oberg Conrad
Published: January 2008

There is fierce competition between offshore financial centres with the effect that new instruments are being developed to keep at the forefront. Rather unorthodox solutions are sometimes offered. A good example is Law No. 25. This new juridical entity is structured as a Liechtenstein Foundation. Panama is a common law country where trusts are used for more or less the same purpose. So, why introduce an alien civil law structure?
Canada: Money Laundering Update
Authors: Smith Lionel
Published: January 2008

In Canada, money laundering has been an offence since 1989. Section 462.31(1) of the Criminal Code provides:
Case Law on Corruption and Bribery in the Bahamas
Authors: Maynard Peter D.
Published: January 2008

In the 1980s, the abuse of drugs had a serious impact on the Bahamas as on other societies. Drug trafficking had profound social, economic and political impact. Corruption and bribery, drug‐related and otherwise, resulted in a number of commissions of inquiry.
Controlling Insider Dealing — The ‘Civil’ Approach in New Zealand
Authors: Fitzsimons Peter
Published: January 2008

This paper discusses New Zealand's attempt to deal with insider trading by statutory means. New Zealand's attempt is of particular interest since it has two features which distinguish it from other jurisdictions. The first feature is the decision to reject the criminalisation of insider trading and to instead rely upon civil enforcement of insider trading alone. The second feature is the failure to provide a state agency with powers to take action (whether civil or criminal) against insider trading. The New Zealand legislation, the Securities Amendment Act 1988 (‘the Act’), was put in place after the stockmarket crash of 1987 in response to outcries against perceived abuses in the market. The Act has been in force for seven years, yet no case involving allegations of insider trading has been taken to completion. The basis of the insider trading regime is private enforcement which, in the light of its failure to provide effective remedies and control, needs to be reviewed.
Recovery of Unlawfully Exported Cultural Property: The European Union Approach
Authors: Harwood Richard
Published: January 2008

The cultural heritage of a nation is an important part of its identity. Its works of art, its records and archives and its archaeological remains contribute to its past and its present. Many nations are legitimately concerned to retain this cultural legacy, even where the objects are being sold to recognised galleries or museums in other countries. The export ban imposed by the British Government on the ‘Three Graces’ was a prominent example of the importance attached to certain works of art.
Tax Relief For Victims of Fraud
Authors: Gibbs Dominic
Published: January 2008

The consequences of a theft or fraud perpetrated upon a business will invariably extend beyond any immediate pecuniary loss. The attentions of management, which would otherwise be engaged in the day‐to‐day supervision of the business, are instead diverted on to such matters as the investigation of the theft or fraud and the instigation of appropriate remedial action. Costs are magnified by the need to involve external professionals: legal costs arising from an attempt to recover assets from the wrongdoer, management consultants to advise on improvements in reporting systems and internal controls, and, where the theft or fraud has been concealed within falsified or incomplete accounting records, the engagement of forensic accountants to establish the true financial position of the business. The extent to which these, very substantial, costs together with any loss arising from the theft or fraud itself may be subsidised by the Exchequer in the form of relief for taxation purposes is, therefore, a topic of considerable practical relevance to the victims of theft or fraud.
Right to Privacy Denied by the House of Lords: R v Khan
Authors: Breslin John
Published: January 2008

In R v Khan (Sultan) the House of Lords had to consider the legality of a conviction based on evidence obtained by means of an electronic listening device attached to a private house without the knowledge of either the owners or occupiers. This invasion of privacy was said to have two aspects: first, the placing of the device on the premises of the occupier without his consent; and secondly, the act of listening to the defendant's conversations. The House of Lords held that the provisions of the European Convention on Human Rights and Fundamental Freedoms (the ‘ECHR’) were ‘relevant’ to the exercise of the trial judge's discretion under the Police and Criminal Evidence Act 1984 whether to exclude the evidence. However, their Lordships emphatically rejected the proposition that an identifiable right to privacy existed under English law.
France: Fraudulent Misuse of a Document Signed in Blank
Authors: Peacock David
Published: January 2008

The disappearance of the offence of fraudulently misusing a document signed in blank (abus de blanc‐seing) in the new penal code has raised the question of the statutory basis of prosecutions that were based on the former s. 407 of the criminal code. (This read: ‘Whoever, misusing a document signed in blank, fraudulently writes on it an obligation or discharge, or any other matter that may compromise the person or financial standing of the signatory, shall be subject to the penalties stated in section 405. In the event that the document signed in blank shall not have been delivered to him, he shall be prosecuted as a forger and punished as such.’)
Corruption in Small States: Case Studies in Compromise
Authors: Findlay Mark
Published: January 2008

Both the particular contexts of socioeconomic development, and the unique post‐colonial/post‐indcpendence agendas of small states in the Pacific, present predictable invitations for the creation of corruption relationships. The two case studies discussed in this paper provide scenarios common to this region wherein customary structures of power and influence converge on modern commercial institutions and instruments to produce corrupt consequences. However, the contextual analysis of these as corruption, from a developed or global perspective, is neither straightforward nor uncontested. And the challenge inherent in their regulation is problematic. The integration of such relationships within deeply rooted and accepted customary authority structures qualifies their description as corrupt, and tends towards a process of reinterprctation and denial which prevents the effective intervention of regulation and control processes. The integration of these relationships within otherwise legitimate structures of economic development and promotion makes their perpetuation likely, and even their exposure largely inconsequential in conventional control or sanctioning terms.
ART THEFT AND ITS CONTROL
Authors: Lowenthal Constance
Published: January 2008

Some say that art theft is only a little younger than art itself. Art theft was surely known in ancient times. A recent reminder of this truth is the discovery in Egypt's Valley of the Kings of many chambers at the tomb of the sons of Ramses II. Earlier archaeologists had not gone beyond the first chambers which were ransacked in antiquity. We know that theft is older than the Ten Commandments. It is also true that decrying or prohibiting theft and art theft docs not help enough, and that it is always with us.
Information Security in Banks
Authors: Shrinath B.
Published: January 2008

Information is power — so it has been said — and nowhere has this statement been realised more significantly than in the banking industry. IT and banking in the 1990s and going forward to the next millennium are tightly bonded. It is now more difficult to determine whether business drives technology or the other way round. Given this scenario, one of the most important facets of managing IT in a bank is that of information security.
USA: Corruption in the Financial Markets: Recent Developments
Authors: Rutledge G. Philip
Published: January 2008

Twenty years after enactment of the US Foreign Corrupt Practices Act, official corruption and corruption in the financial markets again figures prominently on many government agendas, has been the subject of several recent international actions and has attracted the interest of the media.
Downloads, Logs and Captures: Evidence from Cyberspace
Authors: Sommer Peter
Published: January 2008

The growing use of the Internet, online hosts, electronic banking and bulletin board systems means that with increasing frequency evidence needs to be collected from remote computers for use in legal proceedings. Issues of the evaluation of weight still need to be addressed even if strict rules of admissibility are removed. The background processes involved need to be understood if courts are to be able to test evidential quality. The controls that should be in place are discussed and a series of tests of provenance and reliability are suggested. Such tests, however, will never be more than decision aids.
More Sounds of Silence: Cobra Golf Ltd v Rata
Authors: Savla Sandeep
Published: January 2008

If the exception proves the existence of the rule, then by parity of reasoning Cobra Golf Ltd v Rata affirms the continued application of the common law privilege against self‐incrimination. For the case stands out against the background of English authorities such as R v Director of Serious Fraud Office, ex‐parte Smith, AT&T Istel v Tully and, most recently, R v Institute of Chartered Accountants of England and Wales, ex parte Nawaz. And even the European Court of Human Rights, which forum one might expect to safeguard the individual against assertions tilted towards rectitude of outcome, has provided only lukewarm support for the privilege against self‐incrimination in Saunders v United Kingdom by limiting the case to its facts and refusing to rule that the privilege against self‐incrimination was an absolute right.
Production Orders and Search Warrants
Authors: Lambert Alan
Published: January 2008

This comparison has been prepared in an effort to assist practitioners when confronted with the main production order or search warrant provisions of legislation as they apply to crime and also to drug trafficking.
Singapore: Barings Revisited — Auditors and the Detection of Corporate Fraud
Authors: Tabalujan Benny S.
Published: January 2008

In recent times, there has been some disquiet within certain sectors of the Singapore business community over the role of auditors in detecting corporate fraud. The cause of this concern can perhaps be attributed partly to the Barings collapse in February 1995 and the subsequent suggestions that the auditors of the Barings subsidiary in Singapore, Barings Futures Singapore Pte Ltd (BFS), may have been negligent in their audit work. More recently, in mid‐1996, a substantial locally listed company, Amcol Holdings Ltd (Amcol), was placed under judicial management amid rumours alleging possible misdeeds by senior executives and directors. The Amcol saga has, once again, focused some attention on the role of auditors and their duty to detect fraud in company accounts.
Trafficking in Confiscated Cuban Property: Lender Liability under the Helms‐Burton Act
Authors: Alexander Kern
Published: January 2008

The Cuban Liberty and Democratic Solidarity Act (the Act) provides for extraterritorial jurisdiction and sanctions against foreign companies which traffic in confiscated US‐owned Cuban property. The Act provides US nationals with a private right of action in US courts against foreign companies which benefit from the use of confiscated property. The Act also authorises the exclusion from US territory of any corporate officers, directors, or controlling shareholders, including their spouses and minor children, of companies which derive any economic benefit from the use of confiscated Cuban property. Moreover, s. 103(a) of Title I of the Act imposes civil liability against any lending institution with a US presence which knowingly makes any loans to persons who benefit from the use of confiscated Cuban property.
Corruption in Nigeria: A Cultural Phenomenon
Authors: Olaleye‐Oruene Taiwo
Published: January 2008

The global perception of Nigeria as the ‘black hole of corruption’ should be seen in its proper historical context, where corruption is the vestige of a colonial legacy. Moreover, within the international trade which is dominated by the North, corruption is the norm in Nigeria. With the introduction of corruption into the Nigerian ethos, its tentacles permeate from the highest echelons of government to the lowest level of the Civil Service, both national and local. Any transaction involving a public official must involve a bribe from the corrupter to the corruptee. The proceeds of crime are handled by fences — the financial institutions. The perpetrators of corruption are deemed to have personality defects which are responsible for their deviant behaviour. The victims are the Nigerian public who have been adversely affected by the deprivation which has resulted in underdevelopment and perpetual economic slavery. The myriad corruption control measures adopted have failed essentially because of the protection of vested interests compounded with corruption in the judiciary, quangos and law enforcement agencies.
Corruption and Compliance
Authors: Morley Charles H.
Published: January 2008

In emerging economies, there is a natural tendency to produce. Developing countries, often having few trained, experienced, or effective staff resources, are under constant pressure to extinguish fires. The leaders and managers often perceive that they rarely have the luxury of time to reflect, time to plan carefully, time to consider options.
Anything Goes: The Democratisation of Corruption
Authors: Ehrenfeld Rachel
Published: January 2008

Imagine a new criminal organisation with the most sophisticated equipment, the latest spying technology, and the best trained members. With a global network and access to all major terrorist organisations, it is no longer attached to any ideology — but to greed targeted against the western industrialised nations. Is this a new James Bond film? No, it is a nightmare rapidly becoming reality.
India: Control and Prevention of Corruption in the Financial Markets
Authors: Kumar B.V.
Published: January 2008

Around 1990, India and a few developing countries attempted to restructure their economies to achieve accelerated economic growth, for generation of optimum levels of production, employment and poverty alleviation. The economic and fiscal policies took a turn towards liberalisation, deregulation, de‐control and de‐licensing, so that the economy opens up and unnecessary legal and bureaucratic impediments are removed to reduce delays and costs. During the last five years, industrial, trade and tax reforms have created demonstrable buoyancy in industrial production, investment and exports.
Risk Management in the Private Banking Sector: Federal Reserve Bank of New York Issues New Guidelines
Authors: Ramasastry Anita
Published: January 2008

In July 1997, the Federal Reserve Bank of New York (FRBNY) issued a paper on ‘Guidance on Sound Risk Management Practices Governing Private Banking Activities’ (the ‘Guidelines’). The paper is the culmination of the work of FRBNY bank examiners who recently concluded a year long study of 40 financial institutions in New York City with private banking departments. Private banking refers to the provision of financial services to high net worth individuals. FRBNY examiners evaluated the private banking policies and procedures of commercial banks, Edge Act corporations, trust companies and the US branches of foreign banks in an attempt to gauge the level of risk management at these institutions. The examiners found ‘varying degrees of sophistication and depth in private banking activities’.
Botswana: A Paradigm of International Proportions
Authors: Towler Virginia L.
Published: January 2008

The full title of this paper should really follow with ‘Can the Stone‐Age Wheels of Justice Combat Corruption and White‐Collar Crime or Should We Learn to Become Better Drivers?’.
South Africa: Money Laundering
Authors: Turkson Elizabeth
Published: January 2008

The Fifteenth International Symposium on Economic Crime, on the subject of ‘The Globalisation of Crime — the electronic dimension’ was held at Jesus College, Cambridge University from 14th to 20th September, 1997. Previous symposia have been convened to discuss a variety of issues relating to economic crime. In recent years, they have focused on areas of concern such as banking secrecy, how to take the profit out of crime, on cross‐border commercial crime, as well as on how to manage the risks of economic crime.
Sentencing Policy and Economic Crime
Authors: Henham Ralph
Published: January 2008

The aim of this article is to examine those philosophical and structural factors which have been responsible for shaping sentencing policy for economic crime in the UK and to analyse some key decisions of the Court of Appeal (Criminal Division) in this area.
Electronic Transfer of Funds: Smart Cards, Internet Banking and Wireless Communications
Authors: Murphy Daniel P.
Published: January 2008

Crimes are committed for personal reasons or for profit. In any crime for a profit scenario the state has an interest in removing the profit from the criminal. Drug offences, other than simple possession, are the paradigm. People use drugs for a variety of reasons but, at least in the illicit drug trade, individuals sell drugs in order to make money. Traditionally, this was a cash‐based enterprise and, frequently, a misplaced investigative opportunity. A state can attack the criminal profit in order to attack the enterprise. When an illicit criminal activity is undertaken for cash prosecutors and investigators must look at this as an opportunity.
Territoriality Versus Virtuality Versus Reality — The Dark Side of the Information Age
Authors: Parker Wilmer
Published: January 2008

While the Global Information Infrastructure ‘GII’ or ‘Information Superhighway’ may be touted as providing world‐wide access to information, in reality it provides world‐wide access to individuals. The GII is a communication tool among human beings. It may be a means of furthering entrepreneurial endeavours (lawful and unlawful), as well as a means to penetrate the privacy of individuals. ‘Territoriality’ — Territorial status, persistent attachment to a specific territory, relates to a geographical area belonging or under the jurisdiction of a government authority. ‘Virtuality’ relates to being in essence or effect, but not in fact. ‘Reality’ is the quality or state of being real. In reality, the GII provides a means of diminished privacy of all persons regardless of whether they use the internet.
Intrusion Detection Systems: Threats, Taxonomy, Tuning
Authors: Overill Richard E.
Published: January 2008

An intrusion is defined as any set of actions that attempts to compromise the integrity, the confidentiality, or the availability of a resource. Following the pioneering work of Anderson in 1980 it has been recognised that while computer systems and networks need to be protected from unauthorised external access, using firewalls for example, it is not possible to provide an unconditional guarantee of invulnerability to intrusion. There are a number of reasons for this. One is the extreme diversity of intrusions observed, for example password stealing and cracking, masquerade and sniffer attacks, subversion of security controls (via trapdoors, Trojans etc), denial of service attacks, and malicious codes (viruses, worms, Trojans, logic bombs etc). Another reason is that over 70 per cent of attacks on networks are believed to be internal in origin.
The Information Warriors
Authors: Valeri Lorenzo
Published: January 2008

Information Warfare (IW) has become today's catchphrase among Western military and political officials. It has emerged as a pressing concern because of the reliance of today's society, military and civil alike, on computers, civil communication networks and databases. As stated by Robert T. Marsh, Chairman of the US Commission on Critical Infrastructure Protection, ‘this reliance exposes infrastructures in new ways, and creates new vulnerabilities’. These vulnerabilities can be exploited by a new type of warfighter — cyber‐warriors.
Management of Electronic Crime: Civil Aspects of Prevention and Containment
Authors: Ryding Amanda
Published: January 2008

The purpose of this paper is to identify a number of civil considerations which may accompany electronic crime. Economic crime committed through electronic means may give rise to potential civil claims, both by any company caught up in the crime and against that company, usually seeking compensation for the loss and damage resulting from the crime, particularly in circumstances where it can be difficult to identify and locate the perpetrator of the electronic crime.
‘Dishonest and Corrupt’ Companies, Employees and Stigma Damages
Authors: Jefferson Michael
Published: January 2008

If a company becomes known as a corrupt and dishonest one with the result that employees dismissed by the company's liquidators find it more difficult than they would otherwise have done to obtain fresh employment, may they claim compensation for the loss of reputation consequent on being associated with a corrupt and dishonest company which has led to their problems in the labour market? The modern term for such compensation is ‘stigma damages’. The House of Lords in Malik v BCCI SA [1997] 3 All ER 1 (sub nom. Mahmud v BCCI SA [1997] 3 WLR 95) was called upon to answer this question.
International Security in an Age of Choice
Authors: Freedman Lawrence
Published: January 2008

International security addresses questions of force: how to spot it, stop it, resist it and occasionally threaten and even use it. It considers the conditions that encourage or discourage organised violence in international affairs and the conduct of all types of military activity. It therefore deals with the most fundamental questions of war and peace and so the highest responsibilities of government. For this reason it has long been an area of academic endeavour where it is considered both appropriate and possible for scholarship to feed into the policy process. Yet as the danger of total war has receded, and as the complexities of the workings of the international system have come to be appreciated, many now question whether there is a research agenda here that is either intellectually coherent or of more than passing policy interest. This article argues that the issues here are still of vital importance, but they need to be recast to take account of the changing patterns of world politics, and in particular those that allow for a more discretionary engagement by the stronger states in the problems of the weak.
Crime as a Force in Globalisation
Authors: Findlay Mark
Published: January 2008

Crime as a force in globalisation has largely escaped analysis. Even crime as a natural product of modernisation and social development is concealed or ignored in both the literature of development studies and criminology. In order to understand globalisation fully, and its paradoxical progress, crime provides an interesting and dynamic insight as a force within world cultural transition.
Banking Law: Christofi v Barclays Bank Plc [1988] 2 All ER 484
Authors: Arora Anu
Published: January 2008

Where a customer discloses information in confidence in the course of the banker‐customer relationship, but that information has already been made known to a third party as a matter of statutory right, the bank's duty of confidentiality does not apply.
EC: The Role of the European Court of Auditors in the Battle against Fraud and Corruption in the European Communities
Authors: Skiadas Dimitrios V.
Published: January 2008

This article presents and analyses the role of the European Court of Auditors in the attempts to limit fraudulent behaviour and symptoms of officials' corruption within the European Union. First there is an examination of the existing situation regarding these two problems. After a short presentation of the Communities' legislative definition of fraud and corruption the article highlights the current role of the European Court of Auditors in combating them. The analysis is focused on the Court's approach of fraud and corruption as a result of exercising its auditing competences. Finally there are also suggestions regarding a more effective action on behalf of the Court either by granting it judicial authority (long‐term proposal) or by reinforcing its auditing and reporting competences.
The SEC's International Enforcement Programme: Gathering Evidence outside the US
Authors: Newkirk Thomas C.
Published: January 2008

As surely as night follows day, the internationalisation of securities fraud has followed the internationalisation of the world's securities markets. As a result, the US Securities and Exchange Commission has had to develop new investigative and enforcement tools. If a boiler room operator in another country defrauds investors in the US by means of the Internet, the telephone or the mails, the SEC's ability to investigate the activities in the foreign country depends on its ability to obtain information and documents from persons it is able to assert jurisdiction over in the US, or to obtain assistance of its foreign counterparts.
Redrow Homes Ltd and Another v Bett Bros plc and Another [1998] 1 All ER 385
Authors: Lai Stanley
Published: January 2008

Originating from a Scottish action, this seminal House of Lords decision rules on the narrow question of awarding ‘additional damages’ under s. 97(2) Copyright, Designs and Patents Act 1988 (hereinafter referred to as CDPA), in a situation where an account of profits was sought by a pursuer.
Andreou v Institute of Chartered Accountants in England and Wales [1998] 1 All ER
Authors: Haines Jason
Published: January 2008

In 1972, Mr Andreou became a member of the Institute of Chartered Accountants for England and Wales (The Institute). On 14th December 1993, the disciplinary committee of the Institute found him guilty of serious disciplinary charges and as a result he was excluded from membership. Mr Andreou wished to overturn this decision but failed to bring an internal appeal within 28 days, the time prescribed by the Institute's by‐law 85(c). Mr Andreou was refused an extension of time in which to appeal, being informed in a letter from the Institute that stated ‘The Institute had no discretion to extend the time limit’. Being unable to appeal, Mr Andreou then made an application for leave to apply for judicial review in order to challenge the vires of by‐law 85(c) and the decision of the Institute that it had no power to extend time. On 26th April 1995, Mr Andreou was granted leave by the Court of Appeal. He was also allowed to amend his application to include a claim for damages. However, he failed to enter a notice of motion within 14 days required by RSC Ord 53 r5(5). He then applied for an extension of time in which to enter his notice of motion. This was refused on the grounds of unjustified delay. The Court of Appeal dismissed his appeal against that decision but ordered that the claim continue as if it begun by writ pursuant to RSC Ord 53 r9(5). By amended notice the plaintiff applied for an order of certiori quashing the Institute's decision of 22nd February. A declaration that the by‐laws insofar as they imposed the 28‐day period for appeal without exception, were unlawful and damaging. The application was dismissed on the ground that the complaint was of a private character, notwithstanding it involved an examination of the Institute's by‐laws. The Institute appealed.
Investigating EC Fraud: The Metamorphosis of UCLAF
Authors: White Simone
Published: January 2008

The Commission's responsibility towards the EC budget led it to create an investigation unit within its Secretariat‐General: UCLAF (or Unité de Coordination de la Lutte Anti‐Fraude). A potted history of UCLAF is offered, followed by an account of its ongoing transformation into a Task Force for the Coordination of the Fight against Fraud, and a discussion on its proposed rules, including the prospect for an ‘internal’ investigation squad. The paper concludes with a discussion of some issues raised by UCLAF's increasing powers: independence, lifting of immunities and the possibility of an inter‐institutional role.
Securities and Investments Board v Scandex Capital Management A/S and Another [1998] 1 All ER
Authors: Haines Jason
Published: January 2008

In 1995, Mr Bartholomew‐White, together with Mr Ian Farrell established a company called Euro Currency Corporation Ltd (‘Euro Currency’) intended to provide foreign exchange dealing services. The company started to trade in March 1995 from premises in London SW1. Later in 1995 they decided to establish a base in Denmark, for the purpose of expanding their activities into Europe. They sought legal advice in Denmark regarding incorporation from Mr Feldung and were advised that two Danish directors would be required: Feldung himself and one of his partners, Mr Paul Petersen.