financial crime dissertation

Free access to professional guides, Writing on technology vs traditional skills, Where can I get a philosophy sample essay. 0000003600 00000 n [46] D Walters, 'One step forward, two steps back: Worker representation and health and safety in the United Kingdom' [2006] 36 IJHS 1, 98. Sanctions following a conviction under the 1974 Act are however fine-based, and do not reflect the nature of criminal conduct, or have any major impact on the financial viability of companies.[9]. [78] In such cases, there is little logic in seeking to identify an individual who implemented the systems of the company. In the long run counterfeiting discourages investment in product development since a company will not get all the benefit from its investment. In the 16th and 17th centuries, the law clearly stated that 'a corporation is not indictable, but the particular members of it are'. <>/Rotate 0/Type/Page>> [58] P Almond, 'Understanding the seriousness of corporate crime: Some lessons for the new 'corporate manslaughter' offence' [2009] 9 CCJ 2, 155. [120] However, there is often a lack of clarity surrounding what can and should be expected of companies in specific situations, and some ambiguity surrounds the extent to which a company must fall from a reasonable expectations in order to be held to have committed a gross breach of a duty. It is therefore generally accepted that it is not a defence to state that a duty was breached by an employee if the employer could have reasonably ensured a sufficient degree of safety. Financial crime Financial crime is ill equipped to deal with the modern day challenges offered by technology in the UK?. [152], A number of conclusions may be drawn following the above analysis. [83] P Almond, 'Regulation Crisis: Evaluating the Potential Legitimizing Effects of 'Corporate Manslaughter Cases' [2007] 12 LP 29, 285. The fact that it may be difficult to develop a system for imposing criminal liability upon companies does not mean that they should escape liability when they commit crimes. [102] J Gobert, 'The Evolving Legal Test of Corporate Criminal Liability' in Corporate and White Collar Crime (J Minkes & L Minkes eds, Sage 2008) 77-78. Evidently, to make and implement decisions that run a high risk of causing death would not be in the best interests of a company. You can also check out the plagiarism report delivered free with every essay! The damage caused by financial crime may cause financial crises or attenuate confidence in financial system. 0000004676 00000 n [42]Austin Rover Group Ltd v HM Inspector of Factories (1990) 1AC 619. <> [65] Section 18 CMCHA 2007 most importantly confirms that individuals cannot be convicted under the Act, which thus avoids the problems that plagued the HSWA 1974 concerning the relationship between employees, employers, and the company. [136] However, such a statement fails to recognise certain important points. It can therefore be considered more effective at deterring corporate crime in comparison to the CMCHA 2007. [100]Tesco Supermarkets Ltd v Nattrass [1972] AC 153 HL. [66] Individuals will however be liable under the common law of gross negligence manslaughter, and under existing health and safety legislation. 5 0 obj A European Union (EU) directive is binding only as to the result it sets out to achieve; […], (Dec. 19, 2019) On December 12, 2019, an anti-mafia tribunal in El Salvador imposed sentences of up to 60 years in prison on nearly 400 chiefs and members of the MS-13 gang (Mara Salvatrucha) for their involvement in multiple crimes, including terrorism, homicide, drug trafficking, money laundering, and drug and firearms smuggling. [148] Both types of liability may be rebutted if the company is able to prove that it exercised due diligence. In this respect, it should have either completely committed to the imposition of individual or collective liability, and specified the conditions that could give rise to each. The Act's public supervision regime is implemented by the Health and Safety Executive and the health and Safety Commission, who are given extensive powers of enforcement. 0000204093 00000 n Either … What makes choosing confusing for most students are … [2] C Wells, Corporations and Criminal Responsibility (2nd edn, OUP 2001) 88-89; LH Leigh, The Criminal Liability of Corporations in English Law (Littlehampton Book Services 1969) ch. It attaches core importance to the systems that are featured in companies, rendering it irrelevant whether they were implemented by a sole individual, or several individuals. Such problems appear to be caused by inaccurate terminology contained in the 2007 Act, as well as the unclear approach that it adopts towards corporate criminal liability. Financial institutions that depend on the interest of crime face difficulties in maintaining their assets, liabilities and operations. 0000003660 00000 n [138] J Arlen, 'Corporate criminal liability: Theory and evidence' in Research Handbook on the Economics of Criminal Law (A Harel & K Hylton eds, Edward Elgar 2012) 18-19. 0000003264 00000 n Almond, P., 'Understanding the seriousness of corporate crime: Some lessons for the new 'corporate manslaughter' offence' [2009] 9 CCJ 2. The performance of financial markets depends greatly on the assumptions that high professional, legal, and ethical standards are respected. They will, therefore, look for means that will assist them in achieving their goals without getting noticed. The Court similarly rejected the petitioner’s alternative request to require the United States to commit […], (Sept. 24, 2019) On August 2, 2019, three Nigerian siblings were sentenced in Woolwich Crown Court in London to imprisonment for conspiracy to money launder almost £1 million (about US$1.2 million) in violation of the Proceeds of Crime Act 2002. [53] The Act is flexible, which has enabled compliance bodies to enforce its provisions, and to impose a wide variety of sanctions upon any member of a company. [26] The King's Cross fire, for example was caused by safety failures and the incompetence of company members. This is because many financial crimes have a far-reaching effect on both the economy and security of any nation. It could be proposed that the duty of care requirement is no longer necessary because individuals and companies could already be said to be subject to the duty to not kill another. For example, section 2 states that employers must seek to secure the 'health, safety and welfare at work' of all employees. Bebb, G., 'Plus Ce Change?'

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