What lessons can be learnt from America’s use of competition law in the enforcement of financial crime?

Johnson, Diana

Abstract

This chapter focusses on the United States of America (US)’s approach to the enforcement of financial crime. In particular, the use by regulators in the US of competition law to enforce financial crimes such as market manipulation will be examined and analysed. In the US, there is a long history of using anti-trust, or competition, law to penalise financial crimes such as the banking cartels seen in the LIBOR and FX benchmark rate fixing scandals. However, in the United Kingdom (UK) the banks involved in these market manipulation offences were sanctioned using civil financial regulations and individual traders were prosecuted using a non-specific criminal law offence, rather than a law specifically designed to prosecute the banking cartels involved. A comparison between US & UK competition law will be undertaken in this chapter, including an analysis of the enforcement powers available to regulators in each country, in order to establish whether the same tools used in the US exist in the UK to fight financial crime and if not, what the differences between the two countries are. The outcomes of the different approaches to financial crime enforcement in the US and UK will be critically analysed in this chapter in order to formulate proposals drawn from the US experience of using competition law in the regulation and enforcement of financial corporate crime.

• Online Publication Date: Sep 18, 2024
• Publication Date: Sep 18, 2024
• Deposit Date: May 15, 2024
• Publicly Available Date: Mar 19, 2026
• Publisher: Routledge
• Series Title: Financial Crime
• Series ISSN: Routledge Frontiers of Criminal Justice
• Book Title: Corporate Criminal Liability and Sanctions: Current Trends and Policy Changes
• Chapter Number: 7
• ISBN: 9781032349961
• Public URL: https://uwe-repository.worktribe.com/output/11994979
• Publisher URL: https://www.routledge.com/Corporate-Criminal-Liability-and-Sanctions-Current-Trends-and-Policy-Changes/Meiselles-Ryder-Visconti/p/book/9781032349961
• Contract Date: Mar 4, 2024