The usual suspects?
| Date | 01 October 2006 |
| DOI | https://doi.org/10.1108/13581980610711171 |
| Pages | 408-410 |
| Published date | 01 October 2006 |
| Author | Richard Burger,George Davies |
| Subject Matter | Accounting & finance |
LEGAL AND REGULATORY COMMENTARY
The usual suspects?
Richard Burger
Mills & Reeve Solicitors, Cambridge, UK, and
George Davies
London, UK
Abstract
Purpose – The purpose of this paper is to describe the ramifications of the UK Extradition Act of
2003 in the light of the extradition of the “Nat West Three” to the USA.
Design/methodology/approach – The paper briefly outlines the background to the case and
discusses British extradition arrangements.
Findings – The increasing harmonization of regulation and co-operation between enforcement
agencies across international borders, combined with the increasing criminalization of regulatory
breaches has made the risk of extradition all too real for city professionals.
Originality/value – The paper highlights changes to UK extradition procedure s and the
implications for white collar crime.
Keywords Financial institutions, Fraud, International cooperation, Lawsand legislation,
United Kingdom
Paper type General review
Until recently the term “Extradition” was probably unheard of in city circles – this is
something which happens to suspected terrorists and ageing bank robbers – however, this
was until three professional bankers (the “Nat West Three” – Messrs Bermingham, Darby
and Mulgrew) were finally extradited to the US accused of fraud. The fate of the Nat West
Three and others awaiting extradition (some 23 individuals are awaiting extradition to the US
accused of white-collar crime) shows that the increasing harmonisation of regulation and
cooperation between enforcement agencies across international borders combined with the
increasing criminalization of regulatory breaches has made the risk of extradition all too real
for many city professionals.
The Nat West Three
On 13 July 2006, the “Nat West Three” surrendered themselves to a Croydon Police
station and by mid morning they were on an aeroplane, surrounded by US Marshals,
heading for Houston. Despite valiant efforts by their lawyers and supporters, the
involvement of MPs, Human Rights campaigners and even a march through the city by
businessmen, the three had failed to secure, from the European Court of Human Rights,
a stay of their extradition to the US.
The Nat West Three have found themselves swept up in the USA’s post-Enron mania
for clean markets and fair dealing. Their dealings had precious little to do with Enron or
indeed, the USA. Nonetheless this has not stopped the US Department of Justice from
charging the three with “wire fraud” and requesting their extradition to the USA.
In times past, the prosecuting zeal of a foreign nation would have been tempered by
the British courts which had wide discretion to consider the propriety of extradition
The current issue and full text archive of this journal is available at
www.emeraldinsight.com/1358-1988.htm
JFRC
14,4
408
Journal of Financial Regulation and
Compliance
Vol. 14 No. 4, 2006
pp. 408-410
qEmerald Group Publishing Limited
1358-1988
DOI 10.1108/13581980610711171
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