NCJ Number
177186
Journal
Journal of Financial Crime Volume: 6 Issue: 3 Dated: January 1999 Pages: 269-275
Date Published
1999
Length
7 pages
Annotation
This article discusses the United Kingdom Financial Services Authority, National Crime Squad, National Criminal Intelligence Service, and other proactive efforts to deal with current and future financial crime.
Abstract
The fusion of established organized crime and financial crime is a real issue for financial markets; it is within this framework that all the agencies must cooperate. Extensive use of the Internet as a means of commerce, and newly developing electronic payment systems will be a lucrative area for exploitation by digital fraud in the immediate future. Criminal conduct may be determined by the parameters of information technology developments. Telemarketing fraud, electronic money laundering and market manipulation through digital technology are too attractive to organized white-collar criminals to be ignored. The fight against organized criminal activity must center around the issue of commercial and legal awareness. All financial institutions must install training programs to make the work force aware of the seriousness of crimes such as money laundering and insider dealing, and the devastating impact they can have on the delicate economic fabric of the global financial market place. References