Combating financial crime: regulatory versus crime control approaches

Abstract

Identifies the key concepts in evaluating the relative merits of regulation and crime control: regulation emphasises persuasion and cooperation rather than policing, prosecution and punishment, which are associated with crime control. Relates them to the special characteristics of financial crime such as the difficulties of measuring it and morally assessing it: offences involving market regulation are sometimes regarded as “technical”. Asks how far the two approaches are mutually exclusive rather than complementary, and refers to Braithwaite’s model of an enforcement pyramid. Sets out the conditions in which regulation, including self‐regulation, is likely to work, whether criminal deterrence works, and the moral and symbolic role of criminal law. Concludes that effective regulation requires a wide range of strategies and sanctions with a balance of moral and instrumental dimensions.

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