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27 J. Fin. Crime 1 (2020)

handle is hein.journals/jfc27 and id is 1 raw text is: The current issue and full text archive of this journal is available on Emerald Insight at: https://www.emerald.com/insight/1359-0790.htm Fighting financial crime: failure is Fighting financial crime not an option Shazeeda Ali Faculty of Law, The University of the West Indies, Mona, Jamaica Abstract Purpose - The purpose of this study is to provide an overview of some of the deficiencies in the criminal justice system in Jamaica, particularly relating to financial crime. The author also examines possible alternatives in the approach that may be taken in tackling financial crime. Design/methodology/approach - The methodology used was a review of data on financial crime in Jamaica as well as recent significant cases. An analysis of key pieces of legislation was also undertaken. In some instances, a comparative approach was invoked, with special reference to the UK and US laws. Findings - Some essential findings include the positive impact that may be gained from restorative justice principles, the effective enforcement of asset recovery provisions and stricter regulation of the financial services industry. Originality/value - There is no similar comprehensive examination of these issues concerning Jamaica. Keywords Asset recovery, Jamaica, Financial crime, Criminal justice system, Restorative justice Paper type Research paper Introduction This article seeks to explore some of the shortcomings in the criminal justice system in Jamaica, particularly relating to perpetrators of financial crimes and to identify suitable alternatives for dealing with such offences. Within this framework, the author will examine asset recovery mechanisms under the proceeds of crime legislation, emerging restorative justice measures, as well as devices available to financial regulators to tackle the scourge of financial crime. The term financial crime covers a wide range of offences in which the modus operandi and the objective of the perpetrator involve the acquisition and/or retention of ill-gotten gains. These include activities such as fraud, tax evasion, corruption, insider dealing, market abuse, terrorist financing and money laundering. Financial crimes have a number of deleterious consequences, which may have: a major impact on the international banking and financial sectors; a negative influence on the entire economic and social system, through the considerable loss of money incurred; and - an adverse effect on individuals, companies, organizations and even nations. Scope of the problem in Jamaica Jamaica continues to experience a large number of financial crimes, particularly related to lottery scams, corruption, extortion and cybercrime (US Department of State, 2018a). Money laundering in Jamaica is primarily related to proceeds from illegal narcotics and fraud JournalofFiaialCrim Vol. 27 No. 1, 2020 pp. 1-23 This article is based on a paper presented by the author on September 6, 2017 at the 35th Cambridge © EmeraldPublishing L-tid International Symposium on Economic Crime, Cambridge, UK. DOI 10.1108/JFC--2019-0050

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