Drawing Conclusions About Financial Fraud: Crime, Development, and International Cooperative Strategies in China and the West

This paper, taking as its foundation the belief that financial fraud is a serious long-term threat to peaceful and democratic socio-economic development, develops three broad themes in reaction to the issues raised in the Symposium.1 First, at the broadest level, for China and other countries the struggle against financial fraud is an issue of development and institution building. Second, effective measures against financial fraud involve taking strategic decisions in applying scarce resources, as national efforts and international co-operative initiatives will inevitably be subject to greater constraint on finances and personnel than is the case for those engaging in fraudulent activities. Finally, more than being simply beneficial, co-operation between jurisdictions is a necessary starting point for combating this problem, and entails the partial surrender of sovereignty in pursuit of an effective coordinated response.

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