Civilising the Law — The Use of Civil and Administrative Proceedings to Enforce Financial Services Law

Abstract

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The Price of Probity

“…In evaluating the efficacy of this strategy, however, it is most important to remember that the criminal law is only one weapon and much can be achieved, as it has been in Britain, under tax law and the civil law. 32 It might also be argued that the very presence of confiscature and anti-money-laundering laws discourages criminal organisations from placing their wealth in the relevant jurisdiction, cither as part of the laundering process or by way of investment. The presence of such laws is an unnecessary risk and the regulatory obligations that the laws impose on those who handle other people's wealth impose an additional cost on the criminal doing business in that jurisdiction.…”

Crime, Illegality and Social Structure: The Road Towards an Integrated Strategy

“…17 Many different factors influence the way people behave -ideals and values, persuasion, utilitarian interests, emotions, social conditioning -and the achievement of a desired goal is usually more probable once an individual's motivation is channelled along several of these lines.…”

Financial regulation and supervision after 11th September, 2001

“…Indeed, such was the logic of these arguments, that all Ð including even the government Ð rejected calls for the development of civil enforcement powers in regard to matters such as market abuse and insider dealing, on the basis that as the criminal law had now been invoked, it could only be public agencies operating within the remit of their`public authority' and utilising their traditional public law powers that could be permitted to act. 12 The situation was little dierent in a number of other Commonwealth countries, although some such as Canada, Australia and Singapore took a more robust attitude and without the`traditions' of the City of London were more receptive to the experience of the various US jurisdictions. It is also the case that during the 1970s having a securities regulator became almost a status symbol and there were examples of countries that boasted having a securities commission without having anything which resembled a securities market, or for that matter a securities industry.…”

“…In evaluating the ecacy of this strategy, however, it is most important to remember that the criminal law is only one weapon and much can be achieved, as it has in Britain, under tax law and the civil law. 48 It might be argued that the very presence of con®scature and anti-money laundering laws discourages criminal organisations from placing their wealth in the relevant jurisdiction, either as part of the laundering process or by way of investment. The presence of such laws is an unnecessary risk and the regulatory obligations that the laws impose on those who handle other people's wealth imposes an additional cost on the criminal doing business in the jurisdiction.…”