Organized crime in business
| Published date | 01 October 2006 |
| DOI | https://doi.org/10.1108/13590790610707528 |
| Pages | 383-386 |
| Date | 01 October 2006 |
| Author | John Sliter |
| Subject Matter | Accounting & finance |
Organized crime in business
John Sliter
Integrated Market Enforcement Branch, Royal Canadian Mounted Police,
Ottawa, Canada
Abstract
Purpose – To provide a viewpoint and a stronger awareness of the increased involvement
of criminal activities in the capital markets through organized crime and the need for integrated
policing.
Design/methodology/approach – The writer has over 25 years of experience with the Royal
Canadian Mounted Police with over 15 of those years conducting white collar crime investigations
and/or managing teams of investigators.
Findings – Canada is having good success in using the concepts of integrated policing in the
implementation of our Integrated Market Enforcement Teams (IMETs) to detect, investigate and
prevent capital markets crime.
Originality/value – This paper identifies the need for integrated policing in order to facilitate and
foster close working relationships with key stakeholders in the various levels of regulatory
enforcement and disciplinary agencies in order to target those who commit some of the larger
organized financial crimes.
Keywords Crimes, Fraud,Canada
Paper type Viewpoint
The integrity of business, in particular the banking and financial services marketplace,
depends heavily on the perception that it functions within a framework of high legal,
professional and ethical standards. A reputation for integrity is one of the most
valuable assets of big business.
The world of corporate governance and underlying stock trading has undergone
significant change. The criminal element involved in the markets has adapted very well.
They can very effectively orchestrate billion dollar frauds that span the globe from
financial cyber-havens. In 2002, we witnessed the collapse of a few large corporate
entities in the USA with devastating affects on mutual funds and the retirement savings
of citizens spanning the globe. Canada was not immune to these “financial disasters”.
Shortly after the Enron collapse, there were media reports that organized crime groups
were using Canadian markets to launder their ill-gotten proceeds. All of this was, of
course, harmful to Canada’s reputation as a safe place to invest and do busin ess. The
subsequent conclusion as suggested by a leading Canadian financial paper just this past
Friday, was that the workings of business cannot be left to business alone, least of all to
the crooked executives who run corporations (Corcoran, 2005).
The Canadian Government has taken steps to discourage business from getting
involved in organized crime and these actions may be of interest to law enforcement
strategists from across the globe.
Let me begin by saying that the Royal Canadian Mounted Police (RCMP) uses the
following definition with which to prioritize organized financial crime investi gations.
Organized crime is defined as any group of five or more persons participating
in structured ongoing criminal activities that are financially motivated, often through
various forms of intimidation and corruption. Now, I ask that you consider the types
The current issue and full text archive of this journal is available at
www.emeraldinsight.com/1359-0790.htm
Organized crime
in business
383
Journal of Financial Crime
Vol. 13 No. 4, 2006
pp. 383-386
qEmerald Group Publishing Limited
1359-0790
DOI 10.1108/13590790610707528
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