Controlling financial crime by utilizing the criminal justice system

Financial crime will always be with us in some shape or form, because the criminals are clever and often one step ahead of law enforcement investigators and prosecutors, and they tend to utilize the most up to date technology, so that investigators and prosecutors are continually playing 'catch up.' Whilst it is not possible to eradicate financial crime, it is possible through various strategies and the willingness of the electorate and those who represent them, to exercise effective control over the spread of such crime. Effective control requires a multi-pronged approach combining regulation through corporate governance and banking compliance, and the prosecution of those who commit such crimes; prosecution also encompasses depriving the perpetrators of the proceeds of their crime. Most major financial crimes have an international element, necessitating local law enforcement seeking the assistance of like-minded counterparts in other places. International co-operation is essential for effectively controlling global financial crime. Even with such co-operation, the road from the detection of a serious financial crime to the conclusion of a fair trial is a long and difficult one, with the participants in the process, including defence counsel, playing important but essential roles in that journey. However, the journey is an important one, not because of the thrill of victory upon the conviction of the criminal, but because of the deterrent effect of such a victory, not only in ensuring that the criminal himself is dissuaded from re-offending by the punishment inflicted on him by the court, but because of the message that it sends to others who may be considering engaging in similar conduct.