Criminal Capital : How the Finance Industry Facilitates Crime

In the first book to expose the role played by the international financial services industry in facilitating crime and laundering criminal property, one of the world's leading anti-financial crime specialists scrutinises the vulnerability of banks, brokerages, trust companies and investment funds to criminal abuse. Discover: - How the finance industry enables corruption, drug trafficking, terrorism, human trafficking, proliferation, piracy and tax evasion - Why extreme and dangerous industry behaviour correlates with the risk taking that toppled the global economy in 2008 - What measures can be taken to prevent criminals compromising the legitimacy of the global financial system Examining the role of the traditional power house financial centres as well as offshore centres and rapidly emerging international financial centres in the Middle East, Africa and Asia this highly informative book challenges the reader to consider whether following the 2008 crisis sufficient steps have been taken to address toxic behaviours in financial services or whether radical reform is needed. Review: 'Stephen is a leader in financial crime writing. This book will catapult your understanding of how criminals compromise financial markets.' - ROBERT MAZUR, FORMER FEDERAL AGENT AND AUTHOR OF THE INFILTRATOR 'Few people have both the knowledge and the objective vantage point enjoyed by this author of the worldwide banking system over the last ten years. Fewer still could describe the prevailing culture within which the crisis developed and what was, and still is, wrong with that culture so accurately and so readably. The culture which created the crises from which we are still recovering is apparently alive and well. It extends to the secretion of criminal money of all kinds including terrorist funding. This book is a 'must read' for anyone who wants to understand the past, the present and the possible future for the world's financial institutions.' - SIR DAVID CALVERT SMITH, FORMER DIRECTOR OF PUBLIC PROSECUTIONS OF ENGLAND & WALES 'In Criminal Capital, Stephen Platt lays out in clear and frightening detail, the criminal rot at the core of the international banking system. It brought the global economy to the brink of depression in 2008 and it has not been fixed. The author gets to the heart of the excessive risk taking and the blind eye to customer crime that allows banks to serve as a circulation system for global corruption. A bold and sobering read.' - ERIC LEWIS, SENIOR PARTNER LEWIS BAACH PLLC AND FORMER COUNSEL TO THE LIQUIDATORS OF MADOFF INTERNATIONAL SECURITIES LIMITED 'A great read for anybody who wants to learn more about how criminals abuse the global financial system.' - JOSEPH PISTONE, AUTHOR OF DONNIE BRASCO: MY UNDERCOVER LIFE IN THE MAFIA 'Criminal Capital offers a compelling, concerning, and clear view of the ways that financial institutions tacitly enable crime, and challenges both banks and regulators to stop the madness.' - CAROLE SWITZER, CO-FOUNDER AND PRESIDENT OF THE OPEN COMPLIANCE AND ETHICS GROUP Criminal Capital is an engaging but authoritative account of how financial structures and products can and are being used to evade proper scrutiny and enable criminal activity and what can be done about it. Based on the analysis of the financial methods that are frequently used by criminals, it deals with the widespread abuse of financial systems. In the first book to expose the role played by the international financial services industry in facilitating crime and laundering criminal property, one of the world's leading anti-financial crime specialists scrutinises the vulnerability of banks, brokerages, trust companies, and investment funds to criminal abuse. Discover: - How the finance industry enables corruption, drug trafficking, terrorism, human trafficking, proliferation, piracy, and tax evasion - Why extreme and dangerous industry behaviour correlates with the risk taking that toppled the global economy in 2008 - What measures can be taken to prevent criminals from compromising the legitimacy of the global financial system Examining the role of the traditional powerhouse financial centres as well as offshore centres and rapidly emerging international financial centres in the Middle East, Africa, and Asia, this highly informative book challenges the reader to consider whether following the 2008 crisis, sufficient steps have been taken to address toxic behaviours in financial services; or whether radical reform is needed In The First Book To Expose The Role Played By The International Financial Services Industry In Facilitating Crime And Laundering Criminal Property, One Of The World's Leading Anti-financial Crime Specialists Scrutinises The Vulnerability Of Banks, Brokerages, Trust Companies, And Investment Funds To Criminal Abuse. Discover: - How The Finance Industry Enables Corruption, Drug Trafficking, Terrorism, Human Trafficking, Proliferation, Piracy, And Tax Evasion - Why Extreme And Dangerous Industry Behaviour Correlates With The Risk Taking That Toppled The Global Economy In 2008 - What Measures Can Be Taken To Prevent Criminals From Compromising The Legitimacy Of The Global Financial System Examining The Role Of The Traditional Powerhouse Financial Centres As Well As Offshore Centres And Rapidly Emerging International Financial Centres In The Middle East, Africa, And Asia, This Highly Informative Book Challenges The Reader To Consider Whether Following The 2008 Crisis, Sufficient Steps Have Been Taken To Address Toxic Behaviours In Financial Services; Or Whether Radical Reform Is Needed. 1. Harmful Practices -- 2. Money Laundering Models -- 3. Onshore/offshore Dichotomy -- 4. Drug Trafficking -- 5. Bribery And Corruption -- 6. Piracy -- 7. Human Trafficking / Smuggling Of Migrants -- 8. Terror Financing -- 9. Sanctions -- 10. Tax Evasion -- 11. Causes And Solutions. Stephen Platt. Includes Bibliographical References And Index. "Why has so little regard been paid to the finance industry's role in facilitating crime and money laundering despite the attention the industry has attracted since the 2008 crisis? ... Stephen Platt ... examines how the finance industry is used in the commission of drug trafficking, terrorism, piracy, human trafficking, proliferation and tax evasion."--Jacket Résumé : Criminal Capital is an engaging but authoritative account of how financial structures and products can and are being used to evade proper scrutiny and enable criminal activity and what can be done about it. Based on the analysis of the financial methods that are frequently used by criminals, it deals with the widespread abuse of financial systems.