Key challenges in tackling economic and cyber crimes. Creating a multilateral platform for international co‐operation
| DOI | https://doi.org/10.1108/13685201211238016 |
| Published date | 06 July 2012 |
| Pages | 243-256 |
| Date | 06 July 2012 |
| Author | Sundaresh Menon,Teo Guan Siew |
| Subject Matter | Accounting & finance |
Key challenges in tackling
economic and cyber crimes
Creating a multilateral platform
for international co-operation
Sundaresh Menon
Attorney-General’s Chambers, Singapore, and
Teo Guan Siew
Economic Crimes and Governance Division,
Attorney-General’s Chambers, Singapore
Abstract
Purpose – The purpose of this paper is to identify the key challenges in tackling modern economic
and cyber crimes, evaluate the existing legal and enforcement mechanisms in place, and propose a way
forward to address these challenges.
Design/methodology/approach – Th e paper analyses the main difficulties posed by the
borderless, complex and rapidly evolving nature of modern economic and cyber crimes. This
allows the key shortcomings of the present legal and enforcement infrastructure to be identified. By
examining different models, ranging from vertical supranational structures such as the International
Criminal Court and the proposed European Public Prosecutor, to soft-law regimes such as the
intergovernmental network the Financial Action Task Force, as well as intermediate approaches like
Eurojust, a hybrid model incorporating elements from these various regimes is proposed.
Findings – A transnational approach must be adopted to address the phenomenon of modern
economic and cyber crimes which are cross-border, complex, profit-driven and rapidly evolving.
A suitable multilateral platform needs to be created to facilitate international co-operation in
a more coordinated and sustained fashion, and for the development of a set of common
standards and principles to be enforced through a process of mutual assessments and periodic
peer review.
Originality/value – The paper advocates the establishment of a hybrid multilateral regime which
incorporates both elements of a “vertical” supranational structure as well as a “horizontal” state-centric
framework. This will inject the institutional focus to facilitate international co-operation and also
provide the platform for the promulgation of common standards and principles in fighting cross-border
economic and cyber crimes. The paper will be of interest to law enforcement agencies, prosecutorial
authorities and national policy makers.
Keywords Crimes, Computercrime, International cooperation,Law enforcement,
Cross-bordereconomic crimes, Cyber crime
Paper type Research paper
Introduction
The proliferation of economic crimes in modern day society poses serious concerns.
It distorts trade and investment flows, undermines the integrity and proper functioning
of financial markets, and even threatens regional and global security through its
financing of terrorism. Due to their scale and reach, economic crimes if left unchecked
could have systemic consequences, retarding growth in countries and eroding
confidence and support for the global economy.
The current issue and full text archive of this journal is available at
www.emeraldinsight.com/1368-5201.htm
Tackling
economic and
cyber crimes
243
Journal of Money Laundering Control
Vol. 15 No. 3, 2012
pp. 243-256
qEmerald Group Publishing Limited
1368-5201
DOI 10.1108/13685201211238016
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