Financial crime
Criminology and penology |
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Financial crime is
Financial crimes may involve additional criminal acts, such as
Law enforcement often classifies larger forms of financial collusion as criminal syndicates.
Bribery
The U.S. introduced the Foreign Corrupt Practices Act in 1977 to address bribery of foreign officials. This legislation dominated international anti-corruption enforcement until around 2010 when other countries began introducing broader and more robust legislation, notably the United Kingdom Bribery Act 2010.[1][2] The International Organization for Standardization introduced an international anti-bribery management system standard in 2016.[3] In recent years, cooperation in enforcement action between countries has increased.[4]
Money laundering
For most countries, money laundering and
i. The conversion or transfer of property, knowing that such property is derived from any (drug trafficking) offense or offenses or from an act of participation in such offense or offenses, for the purpose of concealing or disguising the illicit origin of the property or of assisting any person who is involved in the commission of such an offense or offenses to evade the legal consequences of his actions;
ii. The concealment or disguise of the true nature, source, location, disposition, movement, rights with respect to, or ownership of property, knowing that such property is derived from an offense or offenses or from an act of participation in such an offense or offenses, and;
iii. The acquisition, possession or use of property, knowing at the time of receipt that such property was derived from an offense or offenses or from an act of Participation in such offense or offenses.
The
In 2005, money laundering within the financial industry in the UK was believed to amount to £25bn a year.
The Irish Department of Housing urged minister
Fraud
In 2005, fraud within the financial industry was estimated to cost the UK £14 billion a year.[5]
Law enforcement agencies
There are law enforcement agencies whose main enforcement activities focus on criminal violations of their country's tax code and related financial crimes, such as money laundering, currency violations, tax-related identity theft fraud, and terrorist financing. Some of these law enforcement agencies are:
- Australia - Australian Taxation Office
- Canada - Department of Finance is the primary policy driver on AML/CTF. The Royal Canadian Mounted Police (RCMP) have the primary Federal enforcement mandate.
- National enhed for Særlig Kriminalitet (NSK)
- Mexico - Unidad de Inteligencia Financiera
- Netherlands - Fiscale Inlichtingen- en Opsporingsdienst
- Nigeria - Economic and Financial Crimes Commission
- Norway - Økokrim
- Sweden - Ekobrottsmyndigheten
- Her Majesty's Revenue & Customs
- United States of America - Internal Revenue Service, Criminal Investigation
See also
- Black market
- Credit card fraud
- Financial Crimes Enforcement Network
- Financing of terrorism
- Fraud
- Greenmail
- Grey market
- Mafia
- Money laundering
- Organized crime
- Securities fraud
- Skimming (casinos)
- Skimming (fraud)
- Structuring (smurfing)
- Tax haven
- White-collar crime
- World Bank residual model
- Wood laundering
References
- ^ "Differences between the UK Bribery Act and the US Foreign Corrupt Practices Act". Archived from the original on 2018-03-09. Retrieved 2018-03-09.
- ISSN 0144-1027.
- ^ "New global framework for anti-bribery and corruption compliance programs Freshfields knowledge". knowledge.freshfields.com. Retrieved 2018-03-09.
- ^ "Anti-bribery and corruption: global enforcement and legislative developments 2017" (PDF). Freshfields Bruckhaus Deringer. January 2017. Retrieved 9 March 2018.
- ^ a b "Watchdog warns of criminal gangs inside banks". The Guardian. London. 2005-11-16. Retrieved 2007-11-30.
- ^ "Illicit money: how much is out there?". www.unodc.org. Retrieved 2019-02-06.
- ^ "Money Laundering - Financial Action Task Force (FATF)". www.fatf-gafi.org. Archived from the original on 2018-05-23. Retrieved 2019-02-06.
- ^ "National Crime Agency - Money laundering". www.nationalcrimeagency.gov.uk. Retrieved 2019-02-06.[permanent dead link]
- ^ "FG TD wants minister to focus on Kinahan crime boss during St Patrick's Day Dubai visit". Irish Examiner. 15 February 2022. Retrieved 15 February 2022.
- ^ "Suspected crime boss Kinahan 'still working in boxing', Panorama reports". The Guardian. February 2021. Retrieved 1 February 2021.