Real-Time Enforcement of Crime in the Capital Markets

Abstract

This paper was presented by the Author at the Cambridge Symposium on Economic Crime in Cambridge, England.In the past few years, western countries have experienced a heightened level of concern for capital markets crime – concern that stems, at least in part, from the ever growing number of scandals plaguing our capital markets. Law enforcement around the globe is being pushed to pursue capital markets fraudsters with greater diligence. Key stakeholders are now losing patience and are demanding some real time examples of arrests and prosecutions. Investigators and Prosecutors of capital markets crime also have to deal with key stakeholders who are unsatisfied with the length of time it is taking to bring offenders to justice. They are demanding real-time responses to financial disasters and when dealing with perpetrators caught with their hand in the cookie-jar. In spite of increased resources and new innovative strategies, Law Enforcement often has difficultly in living up to stakeholder expectations. In some countries, there is little or no motivation for third party witnesses or facilitators of capital markets crime to cooperate with police investigations. Additional legislative tools may be necessary.