Editorial
| Date | 01 September 2020 |
| Pages | 697-700 |
| Published date | 01 September 2020 |
| DOI | https://doi.org/10.1108/JFC-07-2020-173 |
| Author | Li-Hong May Xing |
| Subject Matter | Accounting & finance,Financial risk/company failure,Financial crime |
Editorial
Taking a stand in China!
The Cambridge International Symposium on Economic Crime is now in its 37th year. It
attracts over 1,800 participants from around the world and has the support of many
governments and institutions.Over the years a number of regional programmes have taken
place in many parts of the world. Although regular conferences took place in Hong Kong
and Taipei, until this May, none had been hosted in China. Notwithstanding China’s long
and serious concern about economically motivated and relevant crime an effective vehicle
for international collaboration proved difficult to identify. Of course,there have been many
conferences in China on issues relevant to economic crime and President Hu Jin Tao
established in the International Association of Anti-Corruption Authorities. However,
interest has tended to be sectored and lacking the level of diversity that is required for
effective discussion of the threats posed by economic crime and misconduct. This is
particularly the case in China where there hastended in recent years to be an over-focus on
tackling certain forms of corruption but not otherissues that may harm the development of
the markets. Indeed, no other than PresidentXi in his address to the 19th People’s Congress
emphasised the importantto China addressing wider issues of integrity than just corruption.
The importance of stewardship and governance were also recently emphasised by Premier
Li in his report to the People’s Congress on developments over the previous year in
implementing the decisionsof the 19th Congress.
Consequently, the Organising Institutions of the Cambridge International Symposium
were delighted to receivean invitation to co-host the first Beijing Seminar of the Symposium
which took place at the Beijing InternationalArbitration Centre on 27 and 28 April 2019. A
number of leading Chinese universities and organisations were involved in the two day
programme which was chaired by Mr Saul Froomkin QC, who has chaired the Cambridge
International Symposium for the past 36 years. The driving force behind this important
initiative was Mr Qi Lai, of the London Education Group, who with Professor Barry Rider,
the founder of the Cambridge Symposium, Mr Michael Ash QC SC and Sir Ivan Lawrence
QC served as co-chairman. Althoughthe preponderance of participants were naturallyfrom
China, a number of other jurisdictions were represented including Canada, Australia, Sri
Lanka, the Philippines,Norway, Estonia and the Republic of Ireland. The seminar took place
at the same time as the Belt and Road Forum which was attended by over 40 countries
including a number of leaders andsenior ministers. In fact, concern about legal security and
fighting corruption were discussedat the forum giving added emphasis to the deliberations
in the International Arbitration Centre. China’s one belt and one road initiative has been a
focus in the Cambridge International Symposium and a one-day dedicated conference on
legal and related risks has been includedin the previous two annual programmes.This year
it will focus on the importance of sound legal principles and institutions in maintaining
stability along the road.
The first China seminar was primarily concerned with identifying new strategies in
combating the threatsposed by economically motivated crime and the implications for those
doing business in China particularly in the financial sector. Consequently, a great deal of
attention was focussed on the importance of compliance systems and the new legal and
regulatory risks that have been placed on those who manage institutions concerned with
handling other people’s wealth. Although China has not been slow to enact anti-money
Editorial
697
Journalof Financial Crime
Vol.27 No. 3, 2020
pp. 697-700
© Emerald Publishing Limited
1359-0790
DOI 10.1108/JFC-07-2020-173
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