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Against Regulatory Displacement: An Institutional Analysis Of Financial Crises, Jonathan C. Lipson
Against Regulatory Displacement: An Institutional Analysis Of Financial Crises, Jonathan C. Lipson
Jonathan C. Lipson
This paper uses “institutional analysis”—the study of the relative capacities of markets, courts, and regulators—to make three claims about financial crises.
First, financial crises are increasingly a problem of “regulatory displacement.” Through the ad hoc rescues of 2008 and the Dodd-Frank reforms of 2010, regulators displace market and judicial processes that ordinarily prevent financial distress from becoming financial crises. Because regulators are vulnerable to capture by large financial services firms, however, they cannot address the pathologies that create crises: market concentration and complexity. Indeed, regulators may inadvertently aggravate these conditions through resolution tactics that consolidate firms, and the volume and …
International Money Laundering: The Need For Icc Investigative And Adjudicative Jurisdiction, Michael R. Anderson
International Money Laundering: The Need For Icc Investigative And Adjudicative Jurisdiction, Michael R. Anderson
Michael Anderson
Money laundering is one of the most pressing issues in the realm of international financial crimes. One of the biggest issues involved in international money laundering is the problem of adjudication. There is no international organization that currently hears these sorts of claims, forcing nations to adjudicate these crimes on their own, often without adequate resources to effectively investigate and enforce their money laundering statutes.
This article argues that, in order to more effectively prevent and adjudicate international money laundering offenses, the International Criminal Court should adopt an international money laundering statute designating these activities as a crime within the …