Economic crimes in the capital markets
| DOI | https://doi.org/10.1108/13590790810866908 |
| Published date | 09 May 2008 |
| Pages | 214-222 |
| Date | 09 May 2008 |
| Author | Albert F. Tellechea |
| Subject Matter | Accounting & finance |
Economic crimes in the capital
markets
Albert F. Tellechea
Holland & Knight LLP, Orlando, Florida, USA
Abstract
Purpose – The purpose of this paper is to present an alternate view regarding enforcement of
currency control laws to the real estate market.
Design/methodology/approach – Historical research and comparison of similar although not
parallel systems.
Findings – Based on historical data, present approaches are not working.
Practical implications – Suggests new approach by incentivizing those to the potential crime.
Originality/value – The paper will be of value to law-enforcement policy makers.
Keywords Real estate, Crimes,Money laundering, Currencyaccounting
Paper type Viewpoint
Can the two-ton gorilla be controlled without damaging the fine China?
AML programs in the real estate industry in the USA – what approach do
we follow?
Economic crime by its very nature is one of the most corrosive of all illegal endeavors.
By attacking the premise that the State does not favor one citizen over another but
provides a neutral playing field where each can achieve depending on his or her merits,
knowledge and hard work, economic crimes undermine this very basic of compacts
between the State and its citizen. The perception of a favored few at the expense of all
others rears its ugly head. If allowed to go unchecked, this perception becomes reality
and this reality given enough time will bring about the destruction of the society the
state is chartered to protect.
The fight against money launderers. Why and how we got here?
From 1930 to 1968, the Bureau of Narcotics of the US Department of the Treasury was
the main drug enforcement agency in the USA. Pre-1968 enforcement was disorganized
and not very effective. To correct this, in 1968, Congress created the Bureau of Narcotics
and Dangerous Drugs (BNDD) within the Department of Justice. By the early 1970s, the
public’s perception was that drugs were rampant and destroying society. In a political
response to the public’s clamor, the US Government announced its war on drugs. As an
incredible irony, the BNDD, an effective law-enforcement agency, generating good
intelligence and staffed by experienced and dedicated agents, was abolished in 1973. It
became the largest single casualty of the new war on drugs. Responsibility for drug
investigations was parceled between the United States Customs Service (Customs) part
of the Department of the Treasury and the newly minted Drug Enforcement
Administration (DEA) part of the Department of Justice. Seven other agencies would
later join Customs and DEA’s drug enforcement efforts: the Office of Drug Abuse Law
Enforcement, the Office of National Narcotics Intelligence and the Federal Bureau of
Investigation (FBI), all three part of the Department of Justice, the Narcotics Advance
The current issue and full text archive of this journal is available at
www.emeraldinsight.com/1359-0790.htm
JFC
15,2
214
Journal of Financial Crime
Vol. 15 No. 2, 2008
pp. 214-222
qEmerald Group Publishing Limited
1359-0790
DOI 10.1108/13590790810866908
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