Corruption, Integrity and the Law: Global Regulatory Challenges (The Law of Financial Crime)

Globalisation has opened new avenues to corruption. Corrupt practices are proliferating not only within national borders but across different countries. Despite many national and international anti-corruption bodies and strategies, corruption far from being eradicated. There is an urgent global demand for a better understanding of corruption as a phenomenon and a thorough assessment of the existing regulatory remedies, towards the establishment of more effective (and possibly uniform) anti-corruption measures. Our previous collection, __Corruption in the Global Era__ (Routledge, 2019), analysed the causes, the sources, and the forms of manifestation of global corruption. An ideal continuation of that volume, this book moves from the analysis of the phenomenon of corruption to that of the regulatory remedies against corruption and for the promotion of integrity. __Corruption, Integrity and the Law__ provides a unique interdisciplinary assessment of the global anti-corruption legal framework. The collection gathers top experts in different fields of both the academic and the professional world – including criminal law, EU law, international law, competition law, corporate law and ethics. It analyses legal instruments adopted not only at a supranational level but also by different countries, in the attempt of establishing an interdisciplinary and comparative dialogue between theory and practice and between different legal systems towards a better global promotion of integrity. This book will be of value to researchers, academics and students in the fields of law, criminology, sociology, economics, ethics as well as professionals – especially solicitors, barristers, businessmen and public servants. Corruption, Integrity and the Law provides a unique interdisciplinary assessment of the global anti-corruption legal framework. This book will be of value to researchers, academics and students in the fields of law, criminology, sociology, economics, ethics as well as professionals. Cover 1 Half Title 2 Series Page 3 Title Page 4 Copyright Page 5 Table of Contents 6 List of contributors 9 Part I Introduction 20 Chapter 1 The global anti-corruption framework: Lights, shadows and prospects 22 Where were we? 22 The global anti-corruption framework and its sources 23 Negative measures 24 Positive measures: the limits of responsibilisation 26 Looking forward: critique and recommendations 27 Conclusions 30 References 30 Part II Criminal justice: international and national frameworks 34 Chapter 2 The fight against international corruption: A call for a global approach in corporate criminal liability law and procedure 36 Introduction: The need for a global approach in corporate criminal liability law 36 The international conventions against corruption: lights and shadows 38 Corporate criminal liability in light of international conventions against corruption and the Italian experience 40 Contrasting international corruption through corporate criminal liability: the issues at stake 46 Some proposals to improve efforts to fight internal and international corruption 48 References 52 Chapter 3 What role does competition law have to play in the prosecution of financial crime in the UK? 55 Introduction 55 The LIBOR scandal and competition law in the UK 56 UK prosecutions following the LIBOR scandal 57 Competition law in the UK: Is it relevant to the financial crime of benchmark rate fixing? 58 Competition law measures following the LIBOR scandal 60 Competition legislation introduced following the LIBOR scandal 62 The future of competition law enforcement of financial crime in the UK 64 Conclusion 67 References 69 Chapter 4 The fight against corruption in the Italian legal system between repression and prevention 73 The relentless changes to the anti-corruption system in Italy 73 Corruption offences: positive changes and persistent critical issues 75 The most recent tools introduced to ‘wipe out corruption’: new exemption provisions and new means of assessing the commission of offences 79 Whistle-blowing and the ‘culture of legality’ 81 Conclusion 83 References 84 Part III The escape from criminal law: deferred prosecutions agreements and financial sanctions 88 Chapter 5 Corruption, regulation and the law: The power not to prosecute under the UK Bribery Act 2010 90 Introduction 90 The problems of national prosecution of companies 91 The shift from old to new governance 93 Regulatory Actions 94 The UK Bribery Act 2010 95 Section 7 and Deferred Prosecution Agreement (DPA) 97 Reasonable Doubts about DPAs 101 Conclusion 103 References 104 Chapter 6 Justice deferred is justice denied?: The jury’s out 108 Introduction 108 Deferred prosecution agreements in the United States of America 108 Background to deferred prosecution agreements in the United Kingdom 110 Deferred prosecution agreements in the United Kingdom 111 Conclusion 126 References 127 Chapter 7 Deferred prosecution agreements and the restorative justice paradigm: Justice restored or corporate cop out? 132 Introduction 132 Restorative justice 132 Deferred prosecution agreements 134 Discretion 135 Contractual agreement 137 Collateral consequences 138 Compliance procedures: the question of reintegration and rehabilitation 140 Conclusion 143 References 143 Chapter 8 Financial sanctions as a weapon for combatting grand corruption 146 Introduction 146 Misappropriation sanctions in context 147 Misappropriation sanctions as a response to grand corruption 148 Issues particular to misappropriation sanctions in connection with legal challenges 150 The appropriateness of continuing reliance on misappropriation sanctions 155 Conclusions 159 References 160 Part IV Information as evidence: whistle-blowing 162 Chapter 9 Keep the canaries singing: Are whistle-blowers in Nigeria adequately protected? 164 Introduction 164 Legislation and corporate governance protection in Nigeria 165 Results to date 169 Weaknesses of legislative protection in Nigeria 171 Other hurdles to combatting corruption 174 Conclusion 176 References 177 Chapter 10 Vulnerabilities, obstacles and risks in reporting financial crimes: Conundrum of whistle-blowers 180 Introduction 180 SwissLeaks case 182 LuxLeaks case 191 Conclusion 194 References 195 Part V Information as integrity: bank secrecy and non-financial reporting 202 Chapter 11 ‘Follow-ing the money’ ten years on: Transparency and the fight against banking secrecy 204 Introduction 204 Historical and geopolitical drivers of offshore financial centres, banking secrecy and tax havens 206 The UK: the creation of an ‘imperial’ network of offshore financial centres 209 Contemporary OFCs, tax havens and secrecy jurisdictions 212 Transparency, information sharing and the battle against ‘uncooperative jurisdictions’ 214 Creating a tax haven in plain sight: the City of London and its ‘dependencies’ 217 Conclusion 218 References 220 Chapter 12 Information, power and the fight against tax havens 225 Introduction 225 Defining tax havens 226 Information and the fight against tax evasion 229 Power in global governance 234 Conclusion 236 References 236 Chapter 13 The communication of non-financial information according to the Directive 2014/95/EU as an instrument for the promotion of corporate integrity in Europe 238 Introduction 238 The Directive and its implementation 240 The impact of the Directive on the management of undertakings 244 The duty of disclosure of non-financial and possible interferences with and criminal law 255 Conclusions 256 References 257 Part VI Beyond ethical codes: reshaping culture and values 260 Chapter 14 The fight against and prevention of corruption: The case of Switzerland and implications for Swiss firms with business activities abroad 262 Context 262 The state of research on corruption and anti-corruption programs 263 The present study: research questions, methodology and characteristics of the responding firms 265 General findings on the level of corruption experienced by Swiss firms while doing business abroad 266 Predictors of bribe request for Swiss firms 269 Swiss firms and the perception of corruption 272 Investments in anti-corruption measures: reaction to corruption incidents? 275 Strengths and limitations 278 Discussion 279 Conclusion 281 Funding 283 References 283 Chapter 15 The practice of anti-corruption and integrity of government: On the moral learning side of the story 287 Introduction 287 From anti-corruption to integrity 288 A toolkit from behavioural science 290 Towards installing a moral learning process 297 Concluding remarks 302 References 303 Chapter 16 Ethical integration in EU law: The prevailing normative theories in EGE opinions 305 Introduction 305 Ethics in EU law 308 EGE as a paramount protagonist within the European Commission: History, institutional structure and opinions 309 Major findings 312 Concluding remarks and outlook 324 References 325 Index 330 Anti-corruption,framework;,whistle-blowing;,financial,crimes;,bank,secrecy;,corporate,integrity;,ethical,integration;,competition,law;,corruption,offences;,criminal,charges Anti-corruption framework,whistle-blowing,financial crimes,bank secrecy,corporate integrity,ethical integration,competition law,corruption offences,criminal charges This book provides a unique interdisciplinary assessment of the global anti-corruption legal framework. It gathers top experts in different fields of both the academic and the professional world to analyse legal instruments in the attempt of establishing an interdisciplinary and comparative dialogue between theory and practice.