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Parlour, Richard --- "Practicalities of financial crime deterrence" [2015] ELECD 1402; in Rider, Barry (ed), "Research Handbook on International Financial Crime" (Edward Elgar Publishing, 2015) 300

Book Title: Research Handbook on International Financial Crime

Editor(s): Rider, Barry

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781783475780

Section: Chapter 25

Section Title: Practicalities of financial crime deterrence

Author(s): Parlour, Richard

Number of pages: 13

Abstract/Description:

This chapter is an introduction to the key practicalities of financial crime deterrence. It is based on 25 years’ experience in financial markets, including what has been described as the leading example of compliance turnaround, and the leading transformation of a country’s financial markets. The first step in financial crime deterrence is to carry out an assessment of how an organisation may be affected by underlying criminal activity including drug trafficking, money laundering, bribery and corruption, fraud, cybercrime, terrorism, nuclear weapon proliferation, organised crime and sanctions. Without such a step, any deterrence system is likely to be skewed, or at worse irrelevant.