The implications of financial sector fraud, in terms of the dangers for our societies and for economic well‐being, must be clear to all. The implications for policy makers must be…
Abstract
The implications of financial sector fraud, in terms of the dangers for our societies and for economic well‐being, must be clear to all. The implications for policy makers must be addressed in their statutory response to the threat. A combination of a strong regulatory regime for the industry, effective gatekeeping at entry to the industry or markets, vigilant supervision of the authorised community and prompt and fair action to ensure the highest level of consumer protection is called for.
This paper seeks to examine the prevalence of fraud in the EU, the weaknesses of the current system in combating it, and to suggest recommendations for a more effective effort in…
Abstract
Purpose
This paper seeks to examine the prevalence of fraud in the EU, the weaknesses of the current system in combating it, and to suggest recommendations for a more effective effort in this respect.
Design/methodology/approach
The recent (post‐won) history of European fraud is chronicled and the observations of authors in this issue (JFC, Vol. 17 No. 1) are noted.
Findings
EU fraud has so far received low priority in the law enforcement's hierarchy of prosecutable offences. However, it is possible, even of this late juncture, to co‐ordinate efforts effectively to pursue, detect, try, convict and punish offenders.
Originality/value
The paper, at last, makes concrete suggestions for combating EU fraud – a move long‐awaited and sorely needed.