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Articles found: 241 of 241
dr. hab. Anna Blachnio-Parzych

The Use of Inside Information
Judgment of the european Court of Justice of 23 december 2009, Case C-45/08, Spector Photo Group, Chris Van Raemdonck v. Commissie voor het Bank-, Financie- en Assurantiewezen

1 September 2013 // english

Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (hereinafter called Directive 2003/6/EC)1 was enacted to combat these two most dangerous threats to capital markets.2 The directive has been the subject of examination by the ECJ several times.3 The point of my interest will be the judgment relating to the nature of the conduct constituting insider dealing. It was rendered on 23 December 2009 (C-45/08), to the effect of the reference made by the Belgian court in the course of proceedings between Spector Photo Group and one of its... Read more

Desterbeck_sw..jpg Francis Desterbeck

The Financial Execution Inquiry: A Bridge too Far?
A critical analysis of a new Belgian initiative

14 August 2013 // english

I. The Financial Execution Inquiry As already stated, the FEI is conducted by the Belgian Prosecution Service after a confiscation order has become peremptory. We will examine the purpose of and the reason for establishment of the investigation, and we will examine the role of the actors who take part in the investigation. 1. Purpose and Reason for Establishment a) Purpose The aim of the FEI is to inquire into the assets of convicted criminals who have been sentenced to the confiscation of, in principle, a sum of money that cannot be recovered by means of civil law. Besides confiscated... Read more

Cassella_sw.jpg Stefan D. Cassella

Civil Asset Recovery: The American Experience

14 August 2013 // english

In the United States, federal prosecutors routinely employ asset recovery as a tool of law enforcement. The approach takes two forms. In criminal cases, the prosecutor may seek to recover or “forfeit” property as part of the defendant’s sentence, if the defendant is convicted. Alternatively, the prosecutor may commence a civil proceeding, naming the property as the defendant and seeking to forfeit the property independent of any criminal proceeding. This article discusses the American experience with civil, or non-conviction-based, asset recovery. It discusses the prosecutor’s motivations for seeking to forfeit assets, the types of property that may be forfeited, the procedures that govern civil asset forfeiture, the advantages of civil or non-conviction-based asset forfeiture over criminal forfeiture, and the ways in which the United States, through judicial decisions and legislation, has reconciled the non-conviction-based approach with the requirements of basic human rights and civil liberties.

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Editorial Guest Editorial eucrim 3/2013

1 August 2013 // english

Dear Readers, At the present time, the topics of fraud and tax evasion and, in general, the integrity of the single market are at the heart of the political agenda. Many of the issues under discussion concern my portfolio in one way or another. Firstly, I wish to mention the fight against fraud and tax evasion. This debate is not new. We can all recall the G20 meeting in London in 2009, where an ambitious political agenda was launched for the fight against tax havens and tax evasion in a broader sense. Recent reports have shown that the phenomenon is... Read more

Met-Domestici_online.jpg Alexandre Met-Domestici PhD

The Reform of the Fight against Money Laundering in the EU

1 August 2013 // english

Money laundering is a major threat to the integrity of the financial system and the stability of the EU’s economy. It is moreover one of the means used to finance terrorism – often through the laundering of small amounts of money. In order to combat it, the EU favours a holistic approach encompassing money laundering and terrorist financing. Hence, the fight against money laundering in the EU relies on the legal framework set by the successive directives, in the wake of the FATF’s recommendations. Money laundering is one of the few criminal offences defined at the EU level. It consists... Read more

Delphine Langlois

The Revision of the EU Framework on the Prevention of Money Laundering

1 August 2013 // english

On 5 February 2013, the Commission adopted a proposal to update the Directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing.1 As a complement to the criminal law approach, this directive sets up the basis of a preventive system relying on the vigilance of some private actors (banks, financial institutions, but also lawyers, accountants, or gambling providers) who are requested to analyse the risk of money laundering presented by their client's transactions.2 The inventiveness of criminals is without limit. Therefore, the Anti-Money Laundering Framework needs to be constantly updated.... Read more