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Cover Banking Law and Regulation

14. Combatting financial crime  

Iris Chiu and Joanna Wilson

This concluding chapter studies the regulation compelling banks and financial institutions to play an active part in combatting financial crime. Regulation takes two approaches: one is to enforce anti-money laundering law through banks and financial situations; and the other approach is to enforce anti-money laundering law against them if they should be found to be complicit in transferring proceeds of crime. Under the first approach, regulation imposes duties on banks and financial institutions to act as gatekeepers to prevent money laundering from taking place and to identify such incidents so as to help regulators carry out enforcement. Under the second approach, banks and financial institutions may be punished for sometimes inadvertently becoming complicit in money laundering, and this provides a strong incentive for them to treat their gatekeeper roles seriously. The chapter then considers the regulatory duty of due diligence, financial intelligence reporting, and internal control and governance.


Cover Smith, Hogan, and Ormerod's Criminal Law

33. Money laundering (additional chapter)  

David Ormerod and Karl Laird

This chapter discusses the offences in the Proceeds of Crime Act 2002 which criminalize dealing with the proceeds of crime. These are extremely broad offences with many features which could be characterized as being draconian as successive governments have sought to combat serious crime by targeting not just the offenders (who may commit a money laundering offence in relation to their own criminal conduct), but all those who assist in the disposal of criminal proceeds. These offences have generated a huge volume of case law, much of which has reached the House of Lords and the Supreme Court. This chapter analyses how these offences relate to handling stolen goods.


Cover Criminal Law

8. Theft, Handling, and Robbery  

This chapter begins with a discussion of the law on theft, robbery, assault with intent to rob, handling stolen goods, and money laundering offences. Theft is committed where the defendant has dishonestly appropriated property belonging to another with the intention to deprive the other of it permanently. The offence of robbery involves the defendant using force at the time of, or immediately before, a theft. The offence is also committed where the defendant causes the victim to fear that force will be used but does not actually use force. The second part of the chapter focuses on the theory of theft, covering property offences; the debate over Gomez; the Hinks debate; temporary appropriation; dishonesty; robberies; and handling stolen goods.


Cover Ashworth's Principles of Criminal Law

14. Bribery and Money Laundering  

This chapter provides a guide to the offences of bribery under the Bribery Act 2010, and to criminal offences of money laundering contrary to the Proceeds of Crime Act 2002. The chapter is focused on corporate activity in relation to these crimes, and builds on the analysis provided in Chapter 11. There is no doubting the financial significance of these crimes. The European Union Parliament has estimated that corruption costs the EU between €179 and €990 billion each year. The Home Office estimates that the impact of money laundering on the UK economy is likely to exceed £90 billion.


Cover Principles of Banking Law

4. Fundamental Principles of Bank Supervision and the Lender of Last Resort—A Reconceptualization  

Ross Cranston, Emilios Avgouleas, Kristin van Zweiten, Theodor van Sante, and Christoper Hare

This chapter examines the architecture and functions of bank supervision. Bank supervision is the process through which compliance with discussed prudential, conduct, and systemic regulations is safeguarded and enforced. It is normally exercised by public agencies that have the competence to approve the establishment and operation of credit institutions and monitor continuous compliance with the requisite regulatory framework. The same public bodies are also vested with remedial (early intervention) and enforcement powers in the event of a breach of any of the above. The chapter covers the fundamental principles of financial supervision; bank supervisors' accountability and judicial review; bankers' conduct, money laundering, and terrorist financing; and the central bank as the lender of last resort to the banking system.