Financial Crime

Teaching hours and credit allocation: 16 hours, 3 credits

The aim of this module is to provide critical understanding of the economics of crime and criminal law by establishing students’ knowledge of fraud corruption and money laundering laws internationally and in the European Union. This course also aims to equip students with awareness of the risks of banks, financial institutions and the financial system being used for illegal purposes in particular for laundering the proceeds of crime and how efforts from international and European law makers and Courts have sought to prevent use of the financial system. The different sessions address, from both a theoretical and practical angle, issues such lawyers, bankers, businessmen and other professionals are regularly confronted with and provide an overview on the latest developments and best practice.

Learning outcomes

On completion of this module, students are expected to be able to:

  • identify the development of knowledge in fraud and financial crime
  • examine the historical and economic development of fraud corruption and money laundering related laws
  • examine the functions of fraud corruptions and money laundering
  • contrast differing legal approaches to the proceeds and instruments of crime
  • develop critical skills in evaluating existing academic and professional literature on financial crime
  • understand the differences between the use of forfeiture and confiscation
  • apply the rules to specific issues or fact situations
  • develop critical understanding of the relationships between civil and criminal law in the context of fraud corruption and money laundering
  • explore the use and development of money laundering laws
  • understand the globalisation in this area and the significance of these developments for tax havens
  • Develop preferences and propose solutions to current problems.

Content

  • Financial Crimes (money laundering, funding of terror, corruption, non and mis-disclosure of information, forgery and falsification of documentation, aiding and abetting, interference with the Administration of Justice)
  • The Risks of Financial Crime (identification, control and management of risk in the context of financial crime, risk exposure, legal and operational risk, risk impact risk and responsibility)
  • The Law of Financial Crime (the approach in various jurisdictions such as in Civilian Law, in Socialist and in Developing Jurisdictions)
  • money and anti-money laundering legislation
  • roles and responsibilities of transnational regulatory agencies, such as FATF and EGMONT
  • Conventions, The EC Directive on Money Laundering
  • ways in which law enforcement authorities investigate allegations of money laundering
  • Tax Offences
  • Cartels Offences
  • Cyber Crime
  • The Criminal Process (Nature, criminal investigation, prosecution of crime, proceeds of crime, disclosure and use of official information)
  • The Civil and Regulatory Control of Financial Crime (Process, civil fraud, breach of trust, dishonest assistance)
  • Crimes that are Financially Motivated (fraud by representation or conduct, misappropriation, unjust enrichment, insider dealing, market abuse, fraudulent trading, blackmail, extortion, racketeering, criminal enterprises, unfair trade practices)