Financial crime after the crisis in the UK
| Autor | Vincenzo Ruggiero |
| Cargo | Middlesex University London |
| Páginas | 1-16 |
Año 3, vol. V agosto-diciembre 2015/Year 3, vol. V August-December 2015
www.somecrimnl.es.tl 1
Fecha de recepción: 05/02/2015
Fecha de aceptación: 28/04/2015
FINANCIAL CRIME AFTER THE CRISIS IN THE UK
CRIMEN FINANCIADO TRAS LA CRISIS EN EL REINO UNIDO
Dr. Vincenzo Ruggiero
Middlesex University London
V.Ruggiero@mdx.ac.uk
Reino Unido
ABSTRACT
Financial crime is a large area of political and social enquiry and includes a variety of
illicit conducts that need to be isolated and addressed as discrete offences. Financial
operations, however, may cause harm even when they do not possess a criminal
nature, as events relating to the 2008 bank crisis have shown. This paper is concerned
with both typologies, namely with illicit and licit harmful behaviour adopted by
financial actors. In the first section, the paper focuses on the measures proposed or
adopted in response to the 2008 crisis in the UK. This is followed by the presentation
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of a number of recent cases proving that, despite recent regulatory efforts, large
loopholes are still present which allow forms of financial crime to thrive.
KEYWORDS: Discrete crimes, Money laundering, Proposals, Types, Cases.
RESUMEN
Delitos financieros es una gran área de investigación política y social e incluyen una
variedad de conductas ilícitas que deben ser aisladas y tratadas como delitos discretos.
Las operaciones financieras, sin embargo, pueden causar daño aun cuando no poseen
carácter penal, como han demostrado los acontecimientos relacionados con la crisis
bancaria de 2008. Este artículo se refiere a dos tipologías; es decir, con
comportamientos nocivos ilícitos y lícita adoptada por los actores financieros. En la
primera sección, el trabajo se centra en las medidas propuestas o adoptado en
respuesta a la crisis de 2008 en el Reino Unido. Esto es seguido por la presentación de
una serie de casos recientes demuestra que, a pesar de los recientes esfuerzos
regulatorios, grandes lagunas todavía presentes que permiten formas de delitos
financieros para prosperar.
PALABRAS CLAVE: Delitos discretos, Lavado de dinero, Propuestas, Tipos, Casos.
HOT MONEY
Stricter regulations aiming to unearth hidden (furtive or hot) money are usually
embedded in the assumption that the bulk of this money is drug-related, namely part
of the proceeds of criminal organizations. In reality, amongst the various operations
contributing to the international volume of hot money, consideration should be given
to tax evasion, illegal exportation of capital by entrepreneurs operating in hidden
economies, international bribes and movements of finances from developing countries
benefiting from international aids. The last portion includes money which is not spent
or invested locally, but returns to the developed countries as illegally exported capital.
This money is often deposited in the very banks that a cted as intermediaries for the
aids given (Ruggiero, 2015; Money Laundering Bulletin, 2014).
Regulations in this area, while attempting to hit on conventional criminal
groups, appear to be inspired by the necessity to leave other actors untouched. In brief,
regulations mainly address organised crime while ignoring white collar crime, and
there is a danger that, were such regulations too strict, they would produce the
unintended consequence of hampering the latter as well. We can therefore argue that,
while organised criminals and white collar offenders, in this specific arena, commit the
same violations and often use the same techniques, their treatment is differentiated.
The following outline of the measures proposed and/or introduced in response to the
2008 financial crisis sets the scene for an understanding of how this differentiated
treatment is likely to take shape.
PREVENTING FUTURE CRISES?
As mentioned at the beginning, not all financial activities can be labelled as criminal,
although they may be socially harmful. Responses to the crisis, one would assume,
should be capable of tackling both criminal and non-criminal harmful activities carried
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