Abstract
The chapter examines the challenges posed to the regulation of transnational financial crimes by the processes of globalization. Acknowledging that globalization has promoted greater integration of states into the international economy through interconnection of markets, financial services and capital, it argues that the products of technological advancements, such as computer and the Internet, have been increasingly used and exploited by criminals in the perpetration of transnational financial crimes. It demonstrates that the existing national and international legal instruments and mechanisms have been unable to sufficiently grapple with the problems of transnational financial crimes and suggests that more emphasis be placed on enhanced preventive measures, such as increased electronic surveillance, modernization of applicable legal rules along these lines, international co-operation and the cultivation of a global ethical consensus on the subject.
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Notes
- 1.
Since the Internet and computers are products of technological advancements, they will be the central focus of this contribution in examining how they have been used in the commission of financial crimes.
- 2.
Adebiyi (2005, 148–172).
- 3.
For example, in one famous such case Amaka Anajemba was convicted and sentenced to two and half years jail term after defrauding a Brazilian Bank and its director of $242 Millions through the e-mail scam. See, The Guardian (18 July 2005, 1).
- 4.
It is from this perspective that David Held and Anthony McGrew have described debates about it as one of the most fundamental debates of our time. Held and McGrew (2002, ix).
- 5.
Holton (2005, 15).
- 6.
These include political, social, legal, technological and economic dimensions with their various impacts on social and economic relations.
- 7.
Commonwealth Secretariat (2001, 1).
- 8.
See, This Day Newspaper (18 April 2012, 1).
- 9.
(1927, PCIJ, Ser. A, no.10, 20).
- 10.
Cap M24, Laws of the Federation of Nigeria, 2004.
- 11.
See also the Treaty between the Federal Republic of Nigeria and United States of America on Mutual Legal Assistance in Criminal Matters, signed at Washington on 13 September, 1989.
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Okogbule, N.S. (2016). Globalization and the Challenge of Regulating Transnational Financial Crimes. In: Dion, M., Weisstub, D., Richet, JL. (eds) Financial Crimes: Psychological, Technological, and Ethical Issues. International Library of Ethics, Law, and the New Medicine, vol 68. Springer, Cham. https://doi.org/10.1007/978-3-319-32419-7_14
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