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Article
Publication date: 1 March 1995

Rinita Sarker

Employees who blow the whistle at work on serious fraud and malpractice out of concern for public interest, are to be afforded new protection against reprisals and unfair…

260

Abstract

Employees who blow the whistle at work on serious fraud and malpractice out of concern for public interest, are to be afforded new protection against reprisals and unfair dismissal in the Whistleblower Protection Bill, introduced in Parliament on 28th June, 1995, with all‐party support.

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Journal of Financial Crime, vol. 3 no. 2
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 1 February 1999

Rinita Sarker

Discovery and inspection of documents are not only the primary investigative tools of any litigator but are also crucial to ensuring fair play between fighting litigants. Access…

57

Abstract

Discovery and inspection of documents are not only the primary investigative tools of any litigator but are also crucial to ensuring fair play between fighting litigants. Access to documents has traditionally only excluded those documents covered by litigation privilege. However, the recent case of Secretary of State for Trade and Industry v Baker and Others [1998] 1 All ER 673 constitutes a marked departure from the established view of litigation privilege and the categories of document protected by that privilege.

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Journal of Financial Crime, vol. 6 no. 4
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 1 April 1999

Rinita Sarker

Fraud has never respected national boundaries. But the advent of the Internet and modern technology has increased the ease with which money and documents can be transferred…

73

Abstract

Fraud has never respected national boundaries. But the advent of the Internet and modern technology has increased the ease with which money and documents can be transferred worldwide. The Fraud Advisory Panel's first annual report estimates that fraud could be costing £5bn a year and is likely to get worse following the introduction of the Euro and the growth in e‐commerce. When fraud is unearthed, there are three key elements to frustrating the fraudster and recovering the monies, namely speed, secrecy and surprise.

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Journal of Money Laundering Control, vol. 3 no. 2
Type: Research Article
ISSN: 1368-5201

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Article
Publication date: 1 January 1996

Rinita Sarker

For the last two decades drug trafficking has been the fastest growth industry in Latin America. Despite the billions of dollars spent in controlling it, and thousands of lives…

137

Abstract

For the last two decades drug trafficking has been the fastest growth industry in Latin America. Despite the billions of dollars spent in controlling it, and thousands of lives lost, results have been poor and counter‐productive. Hitherto, drug enforcement policies have been flawed by a ‘quick‐fix’ mentality, riddled with contradictions, which chose to ignore the fact that the problem involves consumption not just production, and touches on international banking activities and multinational commerce. The Colombian Cali cartel, reputed to own 80 per cent of the world's cocaine supply, has manipulated the situation to such an extent that even the recent arrest of its head, Gilberto Ore‐juela, ‘The Chess Player’, will do little to topple its stranglehold on the market. The rise of the Cali cartel and subsequent spread of narcoviolence to the USA, may now force the US Drug Enforcement Administration (DEA) to reconsider its pre‐war policies in favour of the Colombian Government's increasingly pragmatic strategy. If the USA does not take heed it may yet suffer the fate forecast by Gabriel Garcia Marques for Colombia. ‘We will rot alive in a war that cannot be won and the rest of the world will rot with us.’

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Journal of Financial Crime, vol. 3 no. 3
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 1 March 1995

Rinita Sarker

First Johnson Matthey, then BCCI and now Barings. The Bank of England's growing list of regulatory failures is as alarming for ordinary investors as it is embarrassing for the…

199

Abstract

First Johnson Matthey, then BCCI and now Barings. The Bank of England's growing list of regulatory failures is as alarming for ordinary investors as it is embarrassing for the Government. The Board of Banking Supervision's (BBS) Report into the collapse of Barings chaired by the Governor of the Bank of England, only adds to general incredulity. Gallantly refusing to criticise The Old Lady, it instead firmly passes the buck for the untimely demise of Britain's oldest merchant bank on to a 28‐year‐old rogue trader, Nick Leeson, and a 51‐year‐old senior manager at the Bank of England, Chris Thompson. If Leeson was the ‘active agent’ in the £827m downfall of Barings, then the Bank of England, as UK ‘lead regulator’ was certainly a passive contributor. But the Report, while tracing a detailed web of accountability at Barings, is striking for its failure to do the same at the Bank of England, preferring instead to gloss over critical issues such as why the Bank of England failed to overhaul its supervision of financial conglomerates. All in all, it serves as damning testimony to the perpetuation of the ‘culture of complacency’ existing within the Bank, and does little to enhance public confidence that lightning will not strike twice.

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Journal of Financial Crime, vol. 3 no. 2
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 1 March 1995

Rinita Sarker

‘Some of the activities of the City may bear considerable resemblance to those of a casino … even so there is much to be said for a regulatory system which would ensure that the…

81

Abstract

‘Some of the activities of the City may bear considerable resemblance to those of a casino … even so there is much to be said for a regulatory system which would ensure that the roulette wheel is not rigged.’ The Securities and Investments Board (SIB) appears to have taken Professor Gower's comments to heart in its latest report on the regulation of UK equity markets. The report, according to SIB chairman, Andrew Large, is designed to ‘pave the way for the future’, boost investor confidence that the market is a clean and fair place to do business, while at the same time assuring firms that the regulatory system is responding to product innovation and new technological developments in a diverse market place. With this aim in mind, the report heralds a significant increase in transparency resulting from an agreement between SIB and the London Stock Exchange (LSE) on post‐trade publication and invites comments on two consultation documents on market integrity and market‐makers' privileges.

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Journal of Financial Crime, vol. 3 no. 2
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 1 February 1995

Rinita Sarker

The never‐ending Guinness saga has been given a fresh turn of events with the Home Office's decision to refer the cases of Anthony Parnes, Gerald Ronson, Jack Lyons and Ernest…

124

Abstract

The never‐ending Guinness saga has been given a fresh turn of events with the Home Office's decision to refer the cases of Anthony Parnes, Gerald Ronson, Jack Lyons and Ernest Saunders to the Court of Appeal, on the grounds of non‐disclosure by the Serious Fraud Office (SFO) prosecution of evidence material to the defence in Guinness I, in 1990. The Guinness convictions, once proclaimed as the SFO's finest victory, could now turn out to be a political minefield for a Government and criminal justice system already embarrassed by a series of unsafe verdicts. Comparisons with the Guildford Four, however, ring hollow, and the Guinness defendants could yet give new meaning to the phrase ‘travesty of justice’, with potential compensation claims of £30–40m for loss of liberty, earnings and reputation, if they are successful. Only the anger and disbelief of the general public are testimony to the fact that not all of us are prone to severe memory lapse.

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Journal of Financial Crime, vol. 3 no. 1
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 1 February 1996

Rinita Sarker

‘All you needed was one mutant cell. It was the perfect environment for a cancer to grow rapidly and it grew into a tumour beyond all proportions. Before we knew it, it had killed…

121

Abstract

‘All you needed was one mutant cell. It was the perfect environment for a cancer to grow rapidly and it grew into a tumour beyond all proportions. Before we knew it, it had killed the whole body.’ Trader, Barings Securities, Singapore

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Journal of Financial Crime, vol. 3 no. 4
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 1 March 1995

Rinita Sarker

The privilege against self‐incrimination, and the presumption of innocence until proven guilty, with the burden of proof resting firmly on the prosecution, are all fundamental…

55

Abstract

The privilege against self‐incrimination, and the presumption of innocence until proven guilty, with the burden of proof resting firmly on the prosecution, are all fundamental cornerstones of the British criminal justice system, civil rights which the Government appears determined to erode. After using serious fraud and terrorism as its initial test‐bed for unconventional justice, the Government has now broadened its legislative assault in a consultative document detailing planned reforms of criminal evidence disclosure rules. According to Michael Howard MP, the changes are aimed at ‘closing the gap between law and justice’, criticising present rules as burdensome, allowing the guilty to escape, and ‘undermining public confidence’. However, public faith in the criminal justice system is unlikely to be restored by proposals that ultimately seek to tip the scales of justice in the prosecution's favour, engendering the risk of further miscarriages of justice, and yet more embarrassing appearances for Britain before the European Court of Human Rights.

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Journal of Financial Crime, vol. 3 no. 2
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 1 February 1995

Rinita Sarker

Eleven years and three government inquiries later, the verdict and the solution, that of an independent Serious Fraud Office, remains apparently intact. Rex Davie, a former…

49

Abstract

Eleven years and three government inquiries later, the verdict and the solution, that of an independent Serious Fraud Office, remains apparently intact. Rex Davie, a former Cabinet Office luminary, has recommended that the SFO should not be merged with the Fraud Investigations Group (FIG) of the Crown Prosecution Service (CPS) much to the dismay of the police, CPS and media, who have been anticipating the untimely demise of the SFO for several months now. While providing the SFO with a much needed morale boost, the Davie Report, like its predecessors, acts more as a temporary pain reliever than as a serious cure for the problems of investigating and prosecuting serious fraud.

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Journal of Financial Crime, vol. 3 no. 1
Type: Research Article
ISSN: 1359-0790

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