Challenges in the Field of Economic and Financial Crime in Europe and the US (Hart Studies in European Criminal Law)

In the past few years, criminal justice systems have faced important global challenges in the field of economic and financial crime. The 2008 financial crisis revealed how strongly financial markets and economies are interconnected and illustrated that misconduct in the economic and financial sectors is often of a systemic nature, with wide-spread consequences for a large number of victims. The prevention, control and punishment of such crimes is thus confronted with a strong globalisation. Moreover, continuous technological evolutions and socio-economic developments make the distinction between socially desirable and undesirable behaviour more problematic. Besides, economic and financial misconduct is notoriously difficult to detect and investigate. In light of these challenges, legislators and law enforcers have been searching for adequate responses to combat economic and financial crime by adapting existing policies, norms and practices and by creating new enforcement mechanisms. The purpose of this volume is to analyse those challenges in the field of economic and financial crime from different perspectives, and to examine which particular solutions criminal justice systems across Europe give to those challenges. The volume has four parts. The first part focuses on a number of key questions with respect to substantive criminal law, whereas the second part will address issues affecting the administration of justice and criminal procedure. Part three then explores particular challenges concerning multiagency cooperation and multi-disciplinary investigations. Finally, part four will concentrate on issues regarding shared or integrated enforcement models. Volume 2 in the series Hart Studies in European Criminal Law Foreword Contents Notes on Contributors 1 Current Challenges in Economic and\xa0Financial Criminal Law in Europe and the US I. Defining the Problem II. Preliminary Observation: Economic and Financial Criminal Law as an Ill-defined Branch of Criminal Law III. Challenges with Respect to Substantive Criminal Law IV. Challenges with Respect to the Administration of Justice and Criminal Procedure V. Challenges with Respect to Multi-agency Cooperation and Multi-disciplinary Investigations VI. Challenges with Respect to Shared or Integrated Enforcement Models VII. Concluding Remarks Part I: Challenges with Respect to Substantive Criminal Law 2 Prosecutors and Judges as Corporate Monitors? The US Experience I. Introduction II. The History of Corporate Monitors in the US III. Policy Goals and Factors Influencing the Government"s Decision to Require a Monitor IV. The Operation of Monitorships V. Evaluating the Efficacy of Monitorships VI. Proposals for Improving Monitorships VII. Potential Application to the European Union 3 The Necessity of Compliance Programmes Under German Law-"Burden" or "Blessing"? I. Introduction II. Requirements to Implement a CMS III. Challenges (Burden) of Implementing a CMS IV. The "Blessing" of Having a CMS V. Ways to Implement a Cost-efficient CMS VI. Conclusion Part II: Challenges with Respect to the Administration of Justice and Criminal Procedure 4 Detecting Economic and Financial Crime: A Special Toolkit of Investigation Techniques in Luxembourg I. Introduction II. Detecting Economic Crime III. Investigating Economic Crime Iv. Adjudicating Economic Crime and Executing the Sentence V. Conclusion 5 The Role of Whistleblowing and Leniency in Detecting and Preventing Economic and Financial Crime: A Game of Give and Take? I. Introduction II. Outside Looking In and Inside Looking Out: The Interest in the Internal Life of Organisations III. Contexts IV. Risk and the Emerging Framework of Regulation V. Economic Crime as the Domain of the Strategic Whistleblower and the Emergence of Leniency Programmes VI. Profiling the Leniency Whistleblower VII. Economic Delinquency, Whistleblowing and Leniency Applicants: The Road to Moral and Legal Ambiguity 6 Negotiated Justice-Balancing Efficiency and Procedural Safeguards I. Introduction II. Terminology III. Balancing a Shakedown System? IV. Closing Remarks Part III: Challenges with Respect to Multi-agency Cooperation and Multi-disciplinary Investigations 7 Cooperation Between Administrative Authorities in Transnational Multi-agency Investigations in the EU: Still a Long Road Ahead to Mutual Recognition? I. Introduction II. Vertical Cooperation Between OLAF and National Authorities in the Fight against Fraud III. Horizontal Transnational Cooperation Between Competent National Administrative Authorities IV. Conclusion and Outlook for the Future 8 Jurisdictional Issues in Transnational Multi-agency and Multi-disciplinary Investigations of Economic and Financial Crimes I. Introduction II. Examples of Enforcement Practice III. Approach to Challenges Within Regional Integration Frames: The Example of the EU IV. Approach to Challenges at a Global Transnational Level V. Solutions 9 Transnational Multi-disciplinary Investigations and the Quest for Compatible Procedural Safeguards I. Introduction II. Procedural Safeguards: The Nation-state III. Procedural Safeguards: International (Criminal) Law IV Procedural Safeguards: The European Union V. Concluding Remarks 10 The Consecutive Application of Different Types of Sanctions and the Principle of Ne Bis in Idem: The EU and the US on Different Tracks? I. Introduction II. The US: A Formal Approach III. The Council of Europe: A Substantive Approach IV. The EU: Maintaining Dual Sanctioning Schemes? V. Conclusion Part IV: Challenges with Respect to Shared or Integrated Enforcement Models 11 Challenges in the Field of Economic and Financial Crime from a European Perspective I. Introduction II. Special Nature of Criminal Law III. Outlook 12 Enforcing Prudential Banking Regulations in the Eurozone: A Reading from the Viewpoint of Criminal Law I. Introduction II. The European Banking Union Enforcement Mechanisms: A Shared Enforcement Model for the Eurozone III. The Interaction Between Administrative and Criminal Enforcement Systems Within the EBU Legal Framework IV. Towards a Coherent Framework of Enforcement: Rethinking the Role of Criminal Law in the Enforcement of Prudential Banking Regulations 13 Strategy of Integrated Enforcement: The UK Competition and Markets Authority I. Introduction II. The Importance of Cartel Enforcement and the Role of the CMA III. The Cartel Enforcement Regime IV. The Case for Specialist Enforcement Authorities: Meeting the Challenges of Cartel Enforcement V. Conclusion Index Présentation de l'éditeur : "In the past few years, criminal justice systems have faced important global challenges in the field of economic and financial crime. The 2008 financial crisis revealed how strongly financial markets and economies are interconnected and illustrated that misconduct in the economic and financial sectors is often of a systemic nature, with wide-spread consequences for a large number of victims. The prevention, control and punishment of such crimes is thus confronted with a strong globalisation. Moreover, continuous technological evolutions and socio-economic developments make the distinction between socially desirable and undesirable behaviour more problematic. Besides, economic and financial misconduct is notoriously difficult to detect and investigate. In light of these challenges, legislators and law enforcers have been searching for adequate responses to combat economic and financial crime by adapting existing policies, norms and practices and by creating new enforcement mechanisms. The purpose of this volume is to analyse those challenges in the field of economic and financial crime from different perspectives, and to examine which particular solutions criminal justice systems across Europe give to those challenges. The volume has four parts. The first part focuses on a number of key questions with respect to substantive criminal law, whereas the second part will address issues affecting the administration of justice and criminal procedure. Part three then explores particular challenges concerning multi-agency cooperation and multi-disciplinary investigations. Finally, part four will concentrate on issues regarding shared or integrated enforcement models." Current challenges in economic and financial criminal law in Europe and the US / Katalin Ligeti and Vanessa Franssen -- Prosecutors and judges as corporate monitors? the US experience / Bruce Zagaris -- The necessity of compliance programmes under German law : burden or blessing / Alexander Cappel -- Detecting economic and financial crime : a special toolkit of investigation techniques in Luxembourg / Jeannot Nies -- The role of whistleblowing and leniency in detecting and preventing economic and financial crime : a game of give and take? / Christopher Harding -- Negotiated justice : balancing efficiency and procedural safeguards / Sabine Gless and Nadine Zurkinden -- Cooperation between administrative authorities in transnational multi-agency investigations in the EU: still a long road ahead to mutual recognition? / Lothar Kuhl -- Jurisdictional issues in transnational multi-agency and multi-disciplinary investigations of economic and financial crimes / John Vervaele -- Transnational multi-disciplinary investigations and the quest for compatible procedural safeguards / Michiel Luchtman -- The consecutive application of different types of sanctions and the principle of Ne bis in idem : the EU and the US on different tracks? / Martin base -- Challenges in the field of economic and financial crime from a European perspective / Jeroen Blomsma -- Enforcing prudential banking regulations in the Eurozone : a reading from the viewpoint of criminal law / Silvia Allegrezza and Ioannis Rodopoulos -- Strategy of integrated enforcement : the UK competition and markets authority / Stephen Blake