Table of contents
Art Fraud: Raiders of the Lost Past
Colin RenfrewThe clandestine excavation of antiquities for profit is not a new enterprise: papyrus texts show it to have been a pressing problem in Ancient Egypt. But the scale of the traffic…
Civilising the Law — The Use of Civil and Administrative Proceedings to Enforce Financial Services Law
Barry A.K. RiderEnforcement as a concept imports compulsion to comply with a particular norm. Of course, the nature of enforcement might vary considerably with the norm in question or society…
Banking Fraud — The Euro‐Regulatory Response
George WalkerAlthough considerable action has been taken in an attempt to identify and correct the regulatory gaps in domestic and international banking supervision exposed by the collapse of…
A Re‐examination of Banking Supervision in the United Kingdom
Shiraz MahmoodSupervision of banks in the UK is conducted by the Bank of England. The Bank which was created by Royal Charter in 1697 was nationalised by the Bank of England Act 1946. This Act…
BCCI — Four Years On
David WhitbyNearly four years have passed since the Bank of England closed down the London offices of the Bank of Credit and Commerce International (SA) along with the majority of the BCC…
Tax Spinning in the Brent Spot Market
Emmanuel TemWith the growing insecurity in term contracts, especially during the 1979 oil crisis, many oil companies increasingly turned to the spot market, not for balancing their crude…
The Relevance of White Collar Criminology to Financial Services Regulation
George GilliganMost financial services regulators and compliance professionals are familiar with the term ‘white collar crime’, and may have encountered white collar criminals or examples of…
Trick or Treat!
Barry DelaneyAn organisation spending approximately £30bn annually on a vast array of services is doubtless open to as much fraud as any other complex organisation with such a budget at its…
Derivatives Market Manipulation by ‘Wash Sales’ in Violation of the US Commodity Exchange Act
Edward SwanOne of the principal goals of derivatives regulation is to prevent market manipulation. Manipulation destroys investor confidence, leads to reduction of trading activity, and…
Getting the Adjustment Right: Controls and Computer Security
James BackhouseAs computers and information technology gradually insinuate themselves into every nook and cranny of business operations, management have begun to appreciate some of the risks as…
Illicit Payments Abroad
Mads Andenas1994 has seen the adoption of an OECD Recommendation on Bribery in International Business Transactions and a Council of Europe Resolution on Corruption. The issue now is how…
Recovery from the Corrupt
Simon Robert‐TissotA further illustration of the increasing grip of the law of equity in enabling monies that are part of a fraud to be recovered by the victim is provided by the Privy Council…
Injunctive and Restitutory Remedies of the Securities and Investments Board
Richard HarwoodThe Securities and Investments Board (SIB) is the senior regulator of investment business in the UK. It has considerable civil powers to restrain contraventions and secure…
Equitable Security Interests: Their Creation and Priority
Richard NolanFraud, so it seems, never goes out of fashion. The United Bank of Kuwait plc advanced monies to Mr Sahib, and when the monies were not duly repaid, the Bank took proceedings to…
Putting It About: Information in the Market
Richard LinesIf regulation of the financial services industry has a principal purpose, then it should be the protection of the investor. There are many elements to this and foremost among them…
The Role of the Regulators in the Collapse of Barings
Shiraz MahmoodThe failure of Barings Brothers occurred because Mr Nicholas W. Leeson conducted trading which at one point extended Barings' positions on Nikkei 225 futures contracts to a total…
The Dependability of Computer Evidence
Ross AndersonThe prosecution of many (if not most) white‐collar crimes depends on evidence produced by bank computers, and rests ultimately on the assumption that these systems are secure. One…
International Financial Crime and Documentary Credits
Kern AlexanderSince the collapse of communism in the former Soviet Union and in Eastern Europe, the rise of organised crime has been swift and substantial. It has taken control of many sectors…
SIB Seeks to Adopt a More Influential Role
Karen HoustonThe future workings of the Securities and Investments Board (SIB) and financial services regulation in general are a constant subject of debate. In May 1993 following his review…
Disclosure to Regulators
Mads AndenasFinancial institutions are under a duty to inform their regulators of matters which may include potential breaches of rules causing loss to investors. When investors sue for…
The Trials and Errors of the Guinness Four
Rinita SarkerThe never‐ending Guinness saga has been given a fresh turn of events with the Home Office's decision to refer the cases of Anthony Parnes, Gerald Ronson, Jack Lyons and Ernest…
The Davie Report — Anodyne for the SFO
Rinita SarkerEleven years and three government inquiries later, the verdict and the solution, that of an independent Serious Fraud Office, remains apparently intact. Rex Davie, a former…
Levels of Playing Field
John BreslinThe effectiveness of an investigation into any criminal offence is obviously vital because it determines the quality of the evidence available for the prosecution at trial. The…
The Limits of Prohibition: A Cloud over Compliance
Chizu NakajimaThere are few better examples of public policy being used to cut through what might to many seem to be sound legal reasoning than in the recent decision of the House of Lords in…
Spotlight on ‘Advance Fee Fraud’
Alan LambertAdvance fee is a phrase — adopted over the years — which has been applied to a variety of offences, generally involving fraudulent activity in relation to financing of large‐scale…
Belgium: Belgian Law on Money Laundering
Laurent GarzanitiBelgium has implemented the EC Directive on prevention of the use of the financial system for the purpose of money laundering (‘EC Directive’) in two stages. First, anticipating…
Denmark: Company Draining
Sysette Vinding KruseA new phrase has been introduced in Denmark in the field of financial crimes called ‘Company Draining’, and the Public Prosecutor of Commercial Crimes is presently investigating…
France: The Poussin Saga
David PeacockProblems to do with the authenticity or otherwise of works of art arise in all jurisdictions and it is normally the purchaser who cries foul when seeking to escape a bad, or even…
Israel: Securities Regulation
Ahal BesoraiThe first tangible securities regulation legislation in Israel dates back to 1968. In that year, the Securities Act 1968 was passed as a result of the Yadin Committee Report…
Japan: Recent Failures in the Japanese Banking Sector
Chizu NakajimaOn announcing the debacle of Barings, the Bank of England emphasised that the circumstances were ‘unique to Barings’ in an attempt to calm its effect on the rest of the financial…
Kuwait: Law on the Protection of Public Funds
A.A. Al‐MelhemCertain violations against Kuwait Public Funds (PFs) had occurred during and prior to the invasion of Kuwait, especially abroad, by Kuwaiti and non‐Kuwaiti nationals, when some of…
USA: The Murderous Aspect of Securities Fraud
Philip RutledgeThe popular notion is that securities frauds are a non‐violent, white‐collar variety of criminal enterprise. Not necessarily so in a recent case generally known as Premier Benefit…
ISSN:
1359-0790Online date, start – end:
1993Copyright Holder:
Emerald Publishing LimitedOpen Access:
hybridEditors:
- Dr Li Hong Xing
- Prof Barry Rider