Crimes in Financial Markets in Russia and Great Britain

Abstract

Crimes in financial markets (not related to banking) are economic crimes committed by participants in the securities market, insurance, microfinance, investment and leasing, money and currency exchange markets. The authors analyzed Russian and British legislation to compare criminal law on crimes of financial markets and determine the possibilities of using foreign experience in domestic rule-making practice. Methods: The methodological framework of this study constitutes a set of methods of scientific knowledge, among which the main place is occupied by the methods of systematic, analysis and comparative law. Results: The authors’ position is based on national and foreign legislation and opinions of the competent scientific community on crime prevention in financial markets. The authors describe similarities and differences between Russian and British financial and criminal law. The study revealed the gaps in the Russian criminal law regarding the socially dangerous acts committed in the investment sphere. Conclusions: The study shows the importance of comparative legal analysis for national lawmaking work and law-enforcement. The authors proposed to criminalize some socially dangerous acts committed in the financial sphere with the use of modern information technologies, considering the successful experience of the United Kingdom of Great Britain and Northern Ireland in countering of cybercrimes.