Research Handbook on International Financial Regulation


Book Description

The globalisation of financial markets has attracted much academic and policymaking commentary in recent years, especially with the growing number of banking and financial crises and the current credit crisis that has threatened the stability of the global financial system. This major new Research Handbook sets out to address some of the fundamental issues in financial regulation from a comparative and international perspective and to identify some of the main research themes and approaches that combine economic, legal and institutional analysis of financial markets. Specially commissioned contributions represent diverse viewpoints on the financial regulation debate and cover a number of new and controversial topics not yet adequately addressed in the literature. Specifically, these include; financial innovation particularly in the context of the credit risk transfer market, securitization and the systemic importance of the over-the-counter trading markets; the institutional structure of international financial regulation; and risk management and corporate governance of financial institutions. This Handbook will provide a unique and fully up-to-date resource for all those with an interest in this critical issue including academic researchers in finance and regulation, practitioners working in the industry and those involved with regulation and policy.







Beyond the Established Legal Orders


Book Description

A lively debate on the constitutionalisation of the international legal order has emerged in recent years. A similar debate has also taken place within the European Union. This book complements that debate, exploring the underlying realities that the moves towards constitutionalism seek to address. It does this by focusing on the substantive interconnections that the EU has developed over the years with the rest of the world, and assesses the practical impact these have both in the development of its legal order as well as in the international community. Based on papers delivered at the bi-annual EU/International Law Forum organised by the University of Bristol in March 2009, this collection of essays examines policy areas of economic governance (trade, financial services, migration, environment), political governance (human rights, criminal law, responses to financing terrorism), security governance (counter-terrorism, use of force, non-proliferation), and the issue of the emergence of European and global values. How are these areas shaped by the interaction between EU law and other legal orders and polities? In what ways does the EU impact on other transnational legal systems? And how are its own rules and principles shaped by such systems? These questions are addressed in the light of the specific legal and political context within which the EU pursues its policies by interacting with the rest of the world.







Asset Recovery Handbook


Book Description

Developing countries lose billions each year through bribery, misappropriation of funds, and other corrupt practices. Much of the proceeds of this corruption find 'safe haven' in the world's financial centers. These criminal flows are a drain on social services and economic development programs, contributing to the impoverishment of the world's poorest countries. Many developing countries have already sought to recover stolen assets. A number of successful high-profile cases with creative international cooperation has demonstrated that asset recovery is possible. However, it is highly complex, involving coordination and collaboration with domestic agencies and ministries in multiple jurisdictions, as well as the capacity to trace and secure assets and pursue various legal options—whether criminal confiscation, non-conviction based confiscation, civil actions, or other alternatives. This process can be overwhelming for even the most experienced practitioners. It is exceptionally difficult for those working in the context of failed states, widespread corruption, or limited resources. With this in mind, the Stolen Asset Recovery (StAR) Initiative has developed and updated this Asset Recovery Handbook: A Guide for Practitioners to assist those grappling with the strategic, organizational, investigative, and legal challenges of recovering stolen assets. A practitioner-led project, the Handbook provides common approaches to recovering stolen assets located in foreign jurisdictions, identifies the challenges that practitioners are likely to encounter, and introduces good practices. It includes examples of tools that can be used by practitioners, such as sample intelligence reports, applications for court orders, and mutual legal assistance requests. StAR—the Stolen Asset Recovery Initiative—is a partnership between the World Bank Group and the United Nations Office on Drugs and Crime that supports international efforts to end safe havens for corrupt funds. StAR works with developing countries and financial centers to prevent the laundering of the proceeds of corruption and to facilitate more systematic and timely return of stolen assets.










Domestic Regulation and Service Trade Liberalization


Book Description

Trade in services, far more than trade in goods, is affected by a variety of domestic regulations, ranging from qualification and licensing requirements in professional services to pro-competitive regulation in telecommunications services. Experience shows that the quality of regulation strongly influences the consequences of trade liberalization. WTO members have agreed that a central task in the ongoing services negotiations will be to develop a set of rules to ensure that domestic regulations support rather than impede trade liberalization. Since these rules are bound to have a profound impact on the evolution of policy, particularly in developing countries, it is important that they be conducive to economically rational policy-making. This book addresses two central questions: What impact can international trade rules on services have on the exercise of domestic regulatory sovereignty? And how can services negotiations be harnessed to promote and consolidate domestic policy reform across highly diverse sectors? The book, with contributions from several of the world's leading experts in the field, explores a range of rule-making challenges arising at this policy interface, in areas such as transparency, standards and the adoption of a necessity test for services trade. Contributions also provide an in-depth look at these issues in the key areas of accountancy, energy, finance, health, telecommunications and transportation services.




Ending Human Trafficking in the Twenty-First Century


Book Description

"Human trafficking is more than a violation of human rights: it is also a threat to national security, economic growth, and sustainable development," warns a new Council Special Report, Ending Human Trafficking in the Twenty-First Century. However, the United States "lacks sufficient authorities and coordination across the federal government to address human trafficking adequately, instead treating this issue as ancillary to broader foreign policy concerns." "Critics who challenge the allocation of political and financial capital to combat human trafficking underestimate trafficking's role in bolstering abusive regimes and criminal, terrorist, and armed groups; weakening global supply chains; fueling corruption; and undermining good governance," write Council on Foreign Relations (CFR) Senior Fellows Jamille Bigio and Rachel B. Vogelstein. Trafficking generates $150 billion in illicit profits, and "an estimated twenty-five million people worldwide are victims-a number only growing in the face of vulnerabilities fueled by the COVID-19 pandemic." Despite efforts by multilateral institutions and governments around the world, the authors explain that "anti-trafficking efforts are undermined by insufficient authorities, weak enforcement, limited investment, and inadequate data." To address these gaps, the Joe Biden administration "should lead on the global stage . . . by strengthening institutional authorities and coordination, improving accountability, increasing resources, and expanding evidence and data," the authors contend. Specifically, it should "enact due diligence reforms to promote corporate accountability for forced labor in supply chains," including by expanding the U.S. National Action Plan to Combat Human Trafficking; "reform labor recruitment systems to combat the exploitation of migrant workers"; "increase trafficking prosecutions by scaling the successful U.S. anti-trafficking coordination team model, which includes law enforcement, labor officials, and social service providers"; "leverage technology against human trafficking; and increase investment to counter it"; and "enlist leaders in the private, security, and global development sectors to propose innovative and robust prevention and enforcement initiatives." Such efforts will advance U.S. economic and security interests by boosting GDP with improved productivity and human capital, and saving governments the direct costs of assisting survivors. By elevating the issue, Bigio and Vogelstein conclude, "human trafficking can be eradicated with a comprehensive and coordinated response."