‘Here's Another Fine Mess You Have Got Me in to' - a Critical and Contemporary Assessment of Enforcement of Financial Crime Legislation in the United Kingdom Since the 2008 Financial Crisis

Saturday, 4 July 2015: 8:30 AM-10:00 AM
TW1.1.02 (Tower One)
Nicholas Ryder, University of the West of England, Bristol, United Kingdom
Providers of financial services in the United Kingdom (UK) have attracted a great deal of adverse publicity since the start of the 2008 financial crisis.  For example, since 2011 several UK banks including Barclays, Royal Bank of Scotland and UBS have been subject to financial penalties imposed by the Financial Services Authority and the Financial Conduct Authority for the manipulation of LIBOR, FORX and the gold markets.  These financial penalties are dwarfed when compared to those imposed in the United States by the Commodities Futures Trading Commission, the Securities and Exchange Commission and the Department of Justice.  For example, in 2012 a record fine of $1.9bn imposed by the United States Department of Justice on HSBC for its 'blatant failure' to implement anti-money laundering controls.  In July 2014, the Department of Justice reached a settlement with the Bank of America for $16.8bn for selling flawed mortgage securities in the run up to the financial crisis.  Furthermore, S&P were agreed to a $1.375bn settlement with the Department of Justice for defrauding investors in the lead up to the financial crisis.  It is likely following the recent revelations of whistle-blower Hervé Falciani that HSBC had ‘helped clients dodge millions in tax’, more banks will face criminal investigations.  Therefore, the aim of this presentation is to provide a critique of the enforcement response of law enforcement and financial regulatory bodies in the United Kingdom towards economic crime since the start of the 2008 financial crisis.  The presentation would concentrate on market manipulation, money laundering, bribery and tax avoidance and evasion.