White Collar Crime

En el presente artículo, el Dr. Narvaja lleva a cabo un análisis sobre la competencia de las provincias en materia de lavado de activos de origen ilícito y plantea una crítica a la doctrina “Renga” de la Corte Suprema de Justicia de la Nación (CSJN). La misma tiene como regla a la jurisdicción ordinaria y a la federal como excepción. Con base en esa manera de distribución de competencias se interpreta la asignación de jurisdicción cada vez que el Código Penal se modifica, agregando algún nuevo tipo penal.

El autor contextualiza el tema mediante críticas y argumentos sobre el caso “Renga”. Además, desarrolla la posterior jurisprudencia en casos de conflictos negativos de competencia. Narvaja analiza esta cuestión porque la interpretación que se promueve a partir de la doctrina “Renga” supone privar a los Estados Provinciales de las herramientas que otorga a la administración de justicia el sistema de persecución del delito de lavado de activos. A su vez, el autor agrega que el tema estudiado plantea un problema de distribución de poderes entre las entidades provinciales y el Estado Nacional, que solo puede resolverse atendiendo a los postulados del federalismo.

In this article, Dr. Narvaja carries out an analysis on the competence of the provinces in the matter of money laundering of illegal origin and raises a criticism of the "Renga" doctrine of the Supreme Court of Justice of the Nation (CSJN ). It has as a rule the ordinary and federal jurisdiction as an exception. Based on this way of distributing powers, the assignment of jurisdiction is interpreted each time the Criminal Code is modified, adding some new criminal type.

The author contextualizes the issue through criticism and arguments about the "Renga" case. In addition, it develops subsequent jurisprudence in cases of negative competition conflicts. Narvaja analyzes this issue because the interpretation that is promoted from the "Renga" doctrine means depriving the Provincial States of the tools granted to the administration of justice by the system of prosecution of the crime of money laundering. In turn, the author adds that the subject studied poses a problem of distribution of powers between provincial entities and the National State, which can only be resolved in response to the postulates of federalism.

This project examines recent and ongoing misconduct in the financial sector and implications for corporate governance and accountability. The misconduct ranges from abusive mortgage trades and misreporting on derivatives losses to manipulation of commodity markets. Major corporations, such as JPMorgan Chase and Morgan Stanley, have paid billions of dollars to regulators in penalties. The research project reviews the events from the perspectives of corporate governance, specifically whether shareholders are penalized for wrongdoing of corporate managers, and how far the regulatory practice of making settlements with the companies promotes accountability and corporate governance. The penalties diminish shareholder wealth and the question is whether shareholders end up as “helpless victims.” The research herein has combined theoretical and empirical methods. The theory part of research includes discussion of various regulatory methods and their efficacy, the justification for the settlements concluded by the corporations with governments, grounds for proposed personal liability against executives, and possible class action lawsuits in the future. The empirical element consists of review of investigative reports, disclosures by the companies, and settlement orders made by regulatory agencies. This helps form an opinion on the culpability of executives and the related issue about whether the costs of misconduct in the form of penalties are passed on to shareholders.

Iako je definicija javnog ovlašćenja predmet debate u okviru savremenog diskursa društvenih nauka, suština pojma javnog ovlašćenja je nesporna ― javno ovlašćenje zavisi od voljnog podređivanja naredbama koje nadređeni izdaju podređenima, pa se zbog toga efektivno javno ovlašćenje možda najkraće može definisati kao legitimno vršenje faktičke vlasti. Element legitimiteta je ključan za pojam javnog ovlašćenja i na osnovu njega se javno ovlašćenje razlikuje od opšteg koncepta moći. Legitimitet javnog ovlašćenja postoji onda kada ga i nadređeni i podređeni priznaju i smatraju opravdanim.

Kriminal belog okovratnika odnosi se na brojna krivična dela od kojih većina može biti izvršena samo ukoliko izrvršilac poseduje faktičku institucionalnu vlast, bilo da je u pitanju javni ili privatni sektor. Zloupotreba ovlašćenja koja je inherentna ovoj vrsti kriminala, ne generiše posledice samo u jednoj sferi društvenih odnosa, već znatno šire ― u okvirima u kojima funkcioniše poverenje građana u institucije i u njihov integritet. Podrivanjem legitimiteta javnog ovlašćenja u smislu formalne vlasti, putem kriminalizacije te vlasti, kriminal belog okovratnika proizvodi devijaciju u načinu na koji institucije nastupaju spram javnosti i društva u celini. Zbog toga su političke posledice kriminala belog okovratnika slične onim posledicama koje izaziva pojava korupcije u opštem smislu, a to je stvaranje deficita legimiteta javnog ovlašćenja i, posledično tome, ozbiljno narušavanje poverenja javnosti u institucije. U opisanoj situaciji, u ekonomskoj sferi, posledice se ispoljavaju kao usporavanje dinamike legitimnih i produktivnih društvenih, institucionalnih i ekonomskih transakcija. A pošto se istovremeno smanjuje građanska participacija u političkim procesima i stavovi građana o demokratičnosti društva slede negativan trend, narušava se ukupna demokratičnost takvog društva.

ITA:  Il presente lavoro, esaminando le scelte operate dalla l. n. 190 del 2012 alla luce delle pulsioni riformatrici degli interpreti interni e delle organizzazioni internazionali, oltre che di un’analisi comparata con gli ordinamenti esteri, propone di interpretare la nuova fattispecie di induzione indebita a dare o promettere utilità secondo l’attuale logica clientelare, e non semplicemente mercantile, che caratterizza i fenomeni corruttivi. Su queste basi, e tenendo in considerazione l’attuale affinità con il sistema di cui agli artt. 318 ss. c.p., passa ad analizzare la struttura del delitto, da intendersi come fattispecie plurisoggettiva bilaterale.

ENG: The Halting Restyling of “Concussione” (Extortion By A Public Official) and the Structural Problems of “Induzione Indebita a Dare O Promettere Utilità” (Undue Induction).
The paper, evaluating the choices made by l. n. 190/2012 in the light of the reforming tendencies of italian interpreters and international organizations, as well as of a comparison with foreign legal systems, proposes to interpret the new crime of undue induction in the actual crony perspective of corruption. On these grounds, and
according to the affinity to bribery, the Author concludes for the configuration of the induction as a bilateral plurisubjective crime.

Table of Contents:
• Evolution of Business Criminal Law
• Notion of Business Criminal Law
• Sources of Business Criminal Law
• Basic Knowledge about (Business) Criminal Law & Justice
• Criminal Liability Concepts for Entrepreneurs and Companies
• Operational Risks (Money Laundering, Corruption …)
• Product and Service Risks (Artificial Intelligence Product Liability …)
• Logistical Risks (Chain Supply, Self-Driving Vehicles …)
• Compliance
• Internal Investigations

The textbook deals with business criminal law from the perspective of Germany, Austria, Liechtenstein and Switzerland. It primarily addresses students in business and economics (master's programme) as well as business practitioners, but is also meant for lawyers and law students. As criminal law legislators exert considerable influence on economic life, raising and growing awareness in the area of criminal law seems compulsory for future managers and executives. Overall, the textbook approaches the legal field less normatively and rather in a practical and entrepreneurial way.

There is growing consensus that the insider-trading regime in the United States, the oldest in the world, is in need of reform. Indeed, three reform bills are currently before Congress, and one recently passed the House with overwhelming bipartisan support. As the U.S. considers paths to reforming its own insider trading laws, it would be remiss to ignore potential lessons from global experimentation and innovation, particularly in light of the fact that so many insider trading regimes have been recently adopted around the world.

Any such comparative study should, however, be cautious in drawing its conclusions. Reformers should pay close attention to the political, social, and economic motivations that might explain the recent trend toward near-universal adoption of insider trading regulations around the globe. Evidence suggests that at least some countries have adopted their insider trading regimes ritualistically. Regulatory ritualism occurs where great attention is paid to the institutionalization of a regulatory regime without commitment to or acceptance of the normative goals that those institutions are designed to achieve. If countries' insider trading regimes are adopted only ritualistically (e.g., to receive geopolitical carrots or to avoid geopolitical sticks), then comparative analysis should account for the fact that these regimes may not reflect its citizens' (or markets') lived experience or normative commitments.

This Article aids the effort of reforming our insider-trading laws here in the United States by considering lessons that can be learned from the global experience. Part I makes the case that the insider-trading regime in the U.S. is in need of reform. Part II charts the global rise of insider trading regulation in the twentieth century. Part III summarizes important features of representative regimes around the globe (e.g., in Japan, Europe, China, Russia, India, Canada, Australia, and Brazil). Part IV notes the trend toward universality in insider trading regulations and considers some of the moral and economic conclusions scholars and regulators have drawn from this trend. Part V identifies the problem of regulatory ritualism, and its implications for global enforcement and compliance. Part VI then turns to the constructive exercise of determining what can be learned from the global experience of regulating insider trading with an eye to reforming the American regime.

Gatekeepers Inside Out challenges the conventional wisdom that in-house counsel are simply "too captured" by their senior managers in their corporations to serve as effective gatekeepers of our securities markets. The author revises classical gatekeeping theory introduced by Prof. Reinier Kraakman in his seminal article (Gatekeepers: Anatomy of a Third Party Enforcement Strategy, 2 J.L. Econ. & Org. 53 (1986)). In that article, Kraakman clarified that a gatekeeping strategy requires gatekeepers "who can and will prevent misconduct reliably, regardless of the preferences and market alternatives of wrongdoers." Although Kraakman did not make much of the distinction, he recognized that successful gatekeepers must not only be "willing" but also "able" to prevent misconduct. Now, consider also that gatekeepers must not only be prepared to "interdict" misconduct but also to "monitor" to detect such happenings in the first place. By combining these two simple observations, we see that potential gatekeepers can be evaluated by their: (1) willingness to interdict, (2) willingness to monitor, (3) capacity to monitor, and (4) capacity to interdict. Using this new framework of analysis, the author compares inside and outside counsel for the gatekeeping role. Along the way, the author departs from traditional gatekeeping theory's exclusive reliance on rational choice theory and imports empirical findings from social psychology and sociology that illuminate the four conditions of effective gatekeeping. By running inside and outside counsel through this rigorous mill of analysis, the author comes to unexpected conclusions. The analytical framework set forth by the author can also be used to evaluate the effectiveness of other traditional gatekeepers, including investment bankers, securities analysts, accountants, and, yes, even credit agencies.

O sistema penal brasileiro tem apresentado nos últimos anos um movimento que, em sua aparência, demonstra certa modificação ou expansão da tendência punitiva no que diz respeito ao sujeito-alvo da atuação das agências punitivas. Os processos de criminalização têm-se intensificado em direção a sujeitos que historicamente ocupam a posição de intocáveis pelo sistema punitivo e, sobretudo, pelo dispositivo carcerário, o que coloca em relevo a necessidade de análise e de investigação acerca de uma suposta mudança na concepção da função (não declarada) do direito penal enquanto instrumento de exclusão social e de neutralização da massa indesejada. Partindo de uma perspectiva criminológico-crítica, observam-se e analisam-se dados que expressam a atuação de agentes integrantes das instâncias de controle envolvidas no processo de criminalização secundária de pessoas que, a despeito de seu poder político e/ou econômico, têm sido alcançadas pelo poder punitivo em razão da prática de crimes de colarinho branco. Examinam-se ainda alguns fatores que contribuem para a construção social da “criminalidade”, enfatizando-se os aspectos relacionados à percepção pública da questão criminal, à mídia, à política criminal e aos contextos social, político e econômico. A presente pesquisa representa uma possibilidade de leitura e de compreensão do problema considerando elementos de empreitadas punitivas historicamente situadas. Chega-se à conclusão de que o movimento observado nos últimos anos quanto ao aumento da criminalização de pessoas detentoras de parcela do poder político e/ou econômico pela prática de crimes de colarinho branco não representa uma espécie de virada punitiva tendente a igualar a incidência da intervenção penal, mas, ao revés, integra a lógica que tem marcado os contornos do exercício do poder punitivo, que agora se reinventa para se adequar às condições do sujeito criminalizado e ao contexto contemporâneo.

Nell’ambito di un lavoro orientato a comprendere il ruolo della rule of law sull’equilibrio fra sicurezza e libertà nell’ambito di sistemi democratici di qualità, il presente capitolo si propone principalmente di offrire una panoramica, comparativa e diacronica, sull’andamento di quelle che sono le minacce alla sicurezza che gli stati (Italia, Francia, Spagna, Germania, Regno Unito, Polonia) devono affrontare.
L’obiettivo non è meramente descrittivo, ma chiama in causa una prima ricognizione, che sarà poi sviluppata nei capitoli successivi, sul ruolo della rule of law, correlando le variazioni riscontrate negli indici di criminalità con possibili contemporanee variazioni su due fronti che potrebbero agire quale variabile indipendente sull’andamento dei crimini: da un lato le trasformazioni nelle condizioni ambientali (cambiamenti
culturali, ma soprattutto economici), dall’altro i mutamenti di carattere politico-istituzionale. All’interno di quest’ultimo caso, un’ulteriore distinzione importante è quella fra gli interventi che mirano a influire sulle condizioni ambientali (politiche sociali) e gli interventi che mirano a
influire direttamente sull’impianto istituzionale (politiche di sicurezza).

1. Misurare le minacce alla sicurezza per valutare la qualità democratica
2. L’evoluzione del tasso di criminalità
3. Criminalità comune
3.1. Reati contro il patrimonio
3.2. La reazione non istituzionale al crimine: legittima difesa e giustizia sommaria
3.3. Reati contro la persona
4. Criminalità organizzata
4.1. Il problema di una definizione comune
4.2. Le nuove frontiere tra criminalità organizzata e criminalità finanziaria
4.3. La prostituzione
4.4. I reati legati agli stupefacenti
5. Criminalità politica
5.1. Violenza politica, scontri di piazza e repressione
5.2. La minaccia terroristica
6. I crimini d’odio: razzismo, xenofobia e omofobia
6.1. Pregiudizio e violenze fino al 2008
6.2. Dopo il 2008: la crisi economica e il capro espiatorio
7. Conclusioni

During the last years, there has been an increase in the public exposure on a very distinct criminal phenomenon in Chile. It is the case of felonies committed by managers and executives of relevant or big corporations. These cases have shown that the Chilean society is more than poor and marginalized persons that commit “street crimes”. Rather, there is a phenomenon of persons who belong to upper classes that commit crimes related to private or public business. These crimes have been called as “white-collar crimes” by the criminology. In Chile this last concept is used in colloquial context more than in the sense of the academic development. The reason is because the Chilean doctrine has not discussed this topic. In this context, this work has the goal of developing the relevant characteristics of the white-collar crimes, explaining the two main theories
developed by the criminology.

Il Decimo Rapporto annuale di "Sos Impresa", pubblicato il 22 ottobre 2007 in occasione dell'assemblea nazionale dell'associazione antiracket dall'eloquente sottotitolo "le mani della criminalità sulle imprese", pone per l'ennesima volta l'accento su un'emergenza che pesa come un macigno sull'economia e sulle opportunità di sviluppo civile di interi settori della società italiana.

Two broad approaches towards confiscating the proceeds of crime have developed since the conception of using confiscation as a response to acquisitive crime—the punitive approach and the deprivatory approach. The Hodgson Committee in 1984 intended asset confiscation to operate in a deprivatory manner. However, the asset confiscation regime which has emerged in the UK is manifestly punitive in certain respects. This is because the legislative framework artificially inflates the amount of collectible assets in the quantification of criminal benefit and the courts have developed an unrealistic approach towards calculating the available amount. Fifteen years after the Proceeds of Crime Act 2002 was enacted, the confiscation regime is proving ineffective. In 2016, £1.9 billion remained uncollected. The solution lies in a return to a more realistic conception of the confiscation regime as a deprivatory rather than a punitive approach to acquisitive crime.

Schedule 17 of the Crime and Courts Act 2013 introduced Deferred Prosecution Agreements (DPAs) into the English legal system. On the 30th of November 2015 the Industrial and Commercial Bank of China Limited entered into the first-ever deferred prosecution agreement in the U.K. with the Serious Fraud Office. It represents a historic turning point for the English legal system as well as an innovation that has the potential to revolutionise the approach to corporate criminal liability traditionally adopted in the United Kingdom. This paper analyses the legislative provisions under Schedule 17 of the 2013 Act dealing with its most problematic aspects and drawing comparisons with the corresponding legal instruments developed in the U.S. It also investigates the reasons behind the DPA implementation in England and Wales focusing on the growing pressure that was exerted on the authorities to carry out successful investigations against corporations involved in criminal activities. Finally, the paper offers an analysis of the first-ever DPA concluded in the U.K. highlighting the most controversial legal issues arising from such an agreement. This can be considered a landmark decision not only because the SFO's first application for a DPA was approved by the judiciary, but also because it was the first time in which a legal entity was charged in England and Wales with the offence of "failure of commercial organisations to prevent bribery" as provided by section 7 of the Bribery Act 2010.

Le cœur de l'ouvrage consiste en une présentation de la prohibition d'exploiter des informations d'initiés en droit américain, en droit européen ainsi que, de façon approfondie, en droit suisse. La partie de droit suisse traite autant l'interdiction du droit pénal (art. 154 LIMF) que du droit administratif (art. 142 LIMF). À cet égard, l'ouvrage couvre en particulier des thématiques brûlantes d'actualité comme la question de l'applicabilité de la prohibition au négoce de tokens cryptographiques, à l'industrie du high frequency trading, aux différentes formes de trading algorithmique ainsi qu'au short selling. Enfin, l'ouvrage se penche également sur la question du caractère justifié de l'interdiction d'exploiter des informations d'initié.

This briefing by David Ellis and David Whyte is the second of two briefings the Centre has published on public attitudes to questionable conduct by the state, corporations and individuals. The first briefing – Redefining corruption – revealed deep public concern at the collusive relationship between successive governments and powerful private interests. This included strong support for a ban on 'revolving door' appointments, where former ministers and civil servants join private companies they have worked closely with while in government. In this briefing, the authors compare public attitudes to corruption committed by people in positions of power, with attitudes towards petty offending such as joyriding and shoplifting. The results are striking. When asked to compare police manipulation of evidence with shoplifting, 96 per cent said they considered police manipulation of evidence as on par with, or more serious than, shoplifting. Only one per cent considered shoplifting a more serious offence. Ninety-five per cent considered a pharmaceutical company overcharging the NHS as on par with, or more serious than, joyriding. Only two per cent considered joyriding the more serious offence. Despite the seriousness with which the public view such state and corporate offending, it is those suspected of petty offences such as shoplifting and joyriding who are far more likely to face arrest, prosecution and punishment. And as the authors point out, 'even in the unlikely event that corporations or their executives are punished for criminal or regulatory offences, those convictions are rarely followed by the type of stigma and social disadvantage that affects other types of offenders'. The authors are not arguing that corporate criminals should be subjected to long prison sentences. But they do propose sanctions for corporate and state crime that might be more in keeping with the seriousness with which the public view such offences. These range from public shaming – an advert in a newspaper for instance – to a 'corporate death penalty', in which major corporate malfeasance might result in forced nationalisation or company closure. This briefing therefore raises a number of important questions for anyone interested in how harmful practices – whether perpetrated by individuals or collectively by corporate or state bodies – might best be responded to and reduced.

The existence of market confidence is intrinsic to the efficient operation of the stock market, with the accuracy of pricing resting on pertinent information being available to individuals at all times. UK regulators historically relied on fines to punish and contain the market abuses, which were widely ineffectual, prompting the Financial Services Authority to issue a Statement of Intent to use its powers to enforce the statutory legislation regulating manipulation of the share market. This essay seeks to analyse the disparities between the Criminal Justice Act 1993 ('CJA 1993') and the Financial Services and Markets Act 2000 ('FSMA 2000'), with due regard paid to the development of the essential elements of the offense by common law based on the enforcement of either statute and European Union legislation.

O legislador brasileiro escolheu um modelo de responsabilidade penal da pessoa jurídica por atribuição, sujeito a diversas críticas. Um recorte da práxis judicial evidencia não só a inobservância dos próprios pressupostos do modelo escolhido (injusto praticado por uma pessoa natural, por decisão do representante legal ou órgão colegiado, em seu benefício ou interesse), como a confirmação da procedência das críticas que a ele são direcionadas: a traição da justificativa político-criminal para a adoção dessa forma de responsabilidade, que deveria atingir grandes empresas, a consagração da responsabilidade objetiva por fato alheio e a contaminação dos pressupostos da responsabilidade da pessoa natural.