East-West: legal practice of countering financial “terrorism” by states

Abstract

The article deals with topical financial-legal, criminal-legal, international legal problems of countering financial "terrorism" in Western countries and the states of the Eurasian space. The scientific approaches of scientists on the legal qualification of concepts related to countering: "financing of terrorism", "organized crime in the financial sector as financial terrorism", "information and financial terrorism", "terrorism in the financial markets" are analyzed. The author considers legal measures to counter financial "terrorism" as measures to enforce international and domestic responsibility of organized criminal groups and individuals for committing transnational financial crimes, fraudulent, corrupt and other deliberate socially dangerous acts in the financial sector. In international practice, there is no clear legal definition of organized transnational financial crime in the context of its understanding as financial "terrorism". However, financial "terrorism" is manifested in the forcible involvement of participants in banking, payment, and currency systems in illegal financial transactions. Practical approaches to the application of measures of international responsibility for acts of financial "terrorism" look like international UN measures to counter illegal operations of manipulating financial resources, markets, systems for the purpose of illicit enrichment, financing of terrorism, which caused damage and destabilization of the banking and financial systems of states, crisis phenomena in world and national markets. Financial "terrorism" is prevented both by international, criminal, administrative legal measures of coercion and preventive measures of "soft" coercion to responsible behavior in financial markets.