The Enforcement of Financial Market Crimes in Canada and the United Kingdom

Forthcoming, C. Alexander and D. Cumming, eds. Corruption and Fraud in Financial Markets: Malpractice, Misconduct and Manipulation (Wiley, 2019).

28 Pages Posted: 4 Mar 2019

See all articles by Anita Anand

Anita Anand

University of Toronto - Faculty of Law

Date Written: September 18, 2018

Abstract

This piece undertakes a comparative analysis of the enforcement of financial market crimes in Canada and the United Kingdom. In both jurisdictions, financial market crimes have low enforcement rates for a multiplicity of reasons common to both jurisdictions. First, financial market crimes appear to be a relatively low priority for law enforcement officials who are required to devote increasing resources to violent crimes. Second, law enforcement infrastructure lacks financial resources which undermines the investigation and prosecution of financial market crime and fraud cases. Third, technology has allowed new types of fraud to develop, with insufficient human and financial resources to deal with them. Fourth, past treatment of financial market criminals as pillars of the community who have merely had a fall from grace has weakened public perceptions of the harm caused by these crimes. Despite the existence of agencies and regulators specially designated to address these issues, there seems to be no formal and effective strategy in either jurisdiction to tackle the problem of financial market enforcement. The problems with enforcement are not exclusively legal, and cannot be solved through legal reform alone. Nevertheless, reform to the law is essential in both jurisdictions. In particular, as this chapter argues, reforms should dedicate greater resources to financial market criminal enforcement, introduce principles-based regulation, and facilitate inter-agency coordination, as well as pursue other targeted regulatory reforms.

Keywords: White Collar Crime, Deferred Prosecution Agreement, Enforcement

Suggested Citation

Anand, Anita, The Enforcement of Financial Market Crimes in Canada and the United Kingdom (September 18, 2018). Forthcoming, C. Alexander and D. Cumming, eds. Corruption and Fraud in Financial Markets: Malpractice, Misconduct and Manipulation (Wiley, 2019).. Available at SSRN: https://ssrn.com/abstract=3333163 or http://dx.doi.org/10.2139/ssrn.3333163

Anita Anand (Contact Author)

University of Toronto - Faculty of Law ( email )

78 Queen's Park
Toronto, Ontario M5S 2C5
Canada
4169464002 (Phone)

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