2025-
2026
Financial and Economic
Crime
SUMMARY LECTURES
,Inhoudsopgave
Lecture 1. What is financial economic crime? ............................................................................................................................ 6
1. Content lecture ...................................................................................................................................................................... 6
2. Introduction ........................................................................................................................................................................... 6
3. Definition ............................................................................................................................................................................... 8
3.1. Definition: categorization offender ............................................................................................................................... 9
3.2. Definition: organised vs organisational crime ............................................................................................................. 10
3.3. Definition: categorisation type crime .......................................................................................................................... 11
4. Measuring financial economic crime ............................................................................................................................... 12
5. Offenders & victims ......................................................................................................................................................... 12
5.1. offenders ..................................................................................................................................................................... 12
5.2. Victims ......................................................................................................................................................................... 15
6. Theoretical models to explain financial economic crime ................................................................................................ 15
Lecture 2. Corporate crime...................................................................................................................................................... 18
1. Introduction – what are we talking about?.......................................................................................................................... 18
1.1. Introduction – examples ............................................................................................................................................. 18
2. Defining corporate crime ..................................................................................................................................................... 19
2.1. Link met economische crisis 2008 ............................................................................................................................... 19
2.2. Defining corporate crime (2) ....................................................................................................................................... 20
2.3. Defining corporate crime (3) ....................................................................................................................................... 21
2.4. Defining corporate crime (4) ....................................................................................................................................... 21
3. Academic attention to corporate crime ............................................................................................................................... 22
3.1. WILLEM BONGER ........................................................................................................................................................... 22
4. Theories to explain corporate crime .................................................................................................................................... 23
4.1. Behavioural theories ................................................................................................................................................... 24
4.2. Organizational theories ............................................................................................................................................... 24
4.3. Integrated theories...................................................................................................................................................... 24
Conclusion theories to explain corporate crime ...................................................................................................................... 28
5. Harms of corporate crime .................................................................................................................................................... 28
Difficulties to estimate scale & costs of corporate crime: ........................................................................................................ 28
6. Example: the garment industry............................................................................................................................................ 30
7. So, what is this about? ......................................................................................................................................................... 30
Lecture 3. Reactions to financial-economic crime .................................................................................................................... 31
1. Regulation ............................................................................................................................................................................ 31
Origin of regulation .................................................................................................................................................................. 31
Corporate social responsibility (CSR)........................................................................................................................................ 33
Advantages of smart regulation ............................................................................................................................................... 38
Relevant state regulation ......................................................................................................................................................... 38
2) Prevention of financial-economic crime .............................................................................................................................. 38
Internal corporate compliance ................................................................................................................................................. 39
3) Detection of financial economic crime ................................................................................................................................ 40
1. Public police ..................................................................................................................................................................... 40
2. Inspectorate services ....................................................................................................................................................... 41
3. Oversight bodies .............................................................................................................................................................. 42
4. Private sector ................................................................................................................................................................... 43
1
, 5. Internal reporting & whistleblowing ............................................................................................................................... 44
4) Sanctioning........................................................................................................................................................................... 48
Target of sanctions ................................................................................................................................................................... 48
Types of sanctions .................................................................................................................................................................... 49
Naming and shaming ................................................................................................................................................................ 50
Deterrence of sanctions? ......................................................................................................................................................... 51
Lecture 4. The informal economy ............................................................................................................................................ 52
1. What is the informal economy? ........................................................................................................................................... 52
Definition ................................................................................................................................................................................. 52
Characteristics informal economy ............................................................................................................................................ 53
Measuring the informal economy ................................................................................................................................................ 54
Methods to estimate the size of the informal economy .......................................................................................................... 54
Theories to explain the informal economy ................................................................................................................................... 56
Detecting informal activities ......................................................................................................................................................... 57
Tackling the informal economy .................................................................................................................................................... 57
Empirical research ........................................................................................................................................................................ 58
Research design and methodology ......................................................................................................................................... 58
Methodology – data collection: ............................................................................................................................................... 59
Case seasonal work .................................................................................................................................................................. 59
Policy on seasonal work ........................................................................................................................................................... 59
Enforcement ............................................................................................................................................................................. 60
Informal economic activities – some quotes: ........................................................................................................................... 61
Motives for informality............................................................................................................................................................. 61
Influence policy on informality: policy has an impact .............................................................................................................. 62
Methods (never study methods) .............................................................................................................................................. 62
Regulation ................................................................................................................................................................................ 63
Informal economic activities .................................................................................................................................................... 63
Various types of informality: .................................................................................................................................................... 63
Motives for informal street selling ........................................................................................................................................... 64
Enforcement ............................................................................................................................................................................. 65
Influence policy on informality ................................................................................................................................................. 65
State (case-specific) regulation ................................................................................................................................................ 66
Regulation ................................................................................................................................................................................ 66
Informal economic activities .................................................................................................................................................... 67
Motives for informality (reasons as to why someone becomes a prostitute) ......................................................................... 67
Regulation ................................................................................................................................................................................ 68
Enforcement: ............................................................................................................................................................................ 68
Conclusions............................................................................................................................................................................... 68
Reflections .................................................................................................................................................................................... 68
Points of discussion .................................................................................................................................................................. 68
Example exam questions .............................................................................................................................................................. 69
Lecture 5. Corruption ............................................................................................................................................................. 70
1. Introduction: what is corruption? ........................................................................................................................................ 70
2. Defining corruption .............................................................................................................................................................. 70
The problem of defining corruption ......................................................................................................................................... 72
3. Measuring corruption .......................................................................................................................................................... 72
2
, 4. Measuring corruption – TI/Eurobarometer ......................................................................................................................... 73
Transparency International (TI) ................................................................................................................................................ 73
Eurobarometer ......................................................................................................................................................................... 76
5. Anti-corruption policies ....................................................................................................................................................... 77
5. Risks of anti-corruption policies ........................................................................................................................................... 79
............................................................................................................................................................................................... 80
Lecture 6. Guest lecture: Everest lawyers ................................................................................................................................ 81
1. Anti-Money Laundering: The phenomenon ......................................................................................................................... 81
What is money laundering? ..................................................................................................................................................... 81
General characteristics of money laundering........................................................................................................................... 81
Origins of the term money laundering ..................................................................................................................................... 82
Money laundering in criminology............................................................................................................................................. 82
Money laundering in criminology: the rational choice theory ................................................................................................. 82
2. The phases in money laundering ......................................................................................................................................... 83
A dynamic three stage process: ............................................................................................................................................... 83
Techniques ............................................................................................................................................................................... 84
Process logic ............................................................................................................................................................................. 84
3. Legislative background......................................................................................................................................................... 86
In General ................................................................................................................................................................................. 86
International development of AML legislation ......................................................................................................................... 86
Money laundering in criminal law ............................................................................................................................................ 88
What makes it interesting? ...................................................................................................................................................... 89
Also for tax fraud? .................................................................................................................................................................... 90
Conclusion .................................................................................................................................................................................... 91
Case: Mossack Fonseca................................................................................................................................................................. 91
4. Guest lecture: The Belgian Financial Intelligence Processing Unit (CTIF-CFI) .................................................................... 93
Introduction .................................................................................................................................................................................. 93
CTIF-CFI ......................................................................................................................................................................................... 93
Responsabilities: what do they do?.......................................................................................................................................... 93
Reporting entities ......................................................................................................................................................................... 93
Other « reporting entities » or sources of information ........................................................................................................... 94
Preventive AML/CFT ..................................................................................................................................................................... 94
Suspicions ML/FT .......................................................................................................................................................................... 95
Report made in good faith: ...................................................................................................................................................... 95
Statistics 2024 ............................................................................................................................................................................... 95
Operational analysis ................................................................................................................................................................. 95
Exchange of information in terrorism financing cases................................................................................................................. 95
Sources of information : ............................................................................................................................................................... 95
...................................................................................................................................................................................................... 96
Serious indication of ML from ...................................................................................................................................................... 97
Statistics 2024 ............................................................................................................................................................................... 97
Case study professional money laundering networks – offsetting technique......................................................................... 97
Case studies professional money laundering networks – disclosures...................................................................................... 98
3
2026
Financial and Economic
Crime
SUMMARY LECTURES
,Inhoudsopgave
Lecture 1. What is financial economic crime? ............................................................................................................................ 6
1. Content lecture ...................................................................................................................................................................... 6
2. Introduction ........................................................................................................................................................................... 6
3. Definition ............................................................................................................................................................................... 8
3.1. Definition: categorization offender ............................................................................................................................... 9
3.2. Definition: organised vs organisational crime ............................................................................................................. 10
3.3. Definition: categorisation type crime .......................................................................................................................... 11
4. Measuring financial economic crime ............................................................................................................................... 12
5. Offenders & victims ......................................................................................................................................................... 12
5.1. offenders ..................................................................................................................................................................... 12
5.2. Victims ......................................................................................................................................................................... 15
6. Theoretical models to explain financial economic crime ................................................................................................ 15
Lecture 2. Corporate crime...................................................................................................................................................... 18
1. Introduction – what are we talking about?.......................................................................................................................... 18
1.1. Introduction – examples ............................................................................................................................................. 18
2. Defining corporate crime ..................................................................................................................................................... 19
2.1. Link met economische crisis 2008 ............................................................................................................................... 19
2.2. Defining corporate crime (2) ....................................................................................................................................... 20
2.3. Defining corporate crime (3) ....................................................................................................................................... 21
2.4. Defining corporate crime (4) ....................................................................................................................................... 21
3. Academic attention to corporate crime ............................................................................................................................... 22
3.1. WILLEM BONGER ........................................................................................................................................................... 22
4. Theories to explain corporate crime .................................................................................................................................... 23
4.1. Behavioural theories ................................................................................................................................................... 24
4.2. Organizational theories ............................................................................................................................................... 24
4.3. Integrated theories...................................................................................................................................................... 24
Conclusion theories to explain corporate crime ...................................................................................................................... 28
5. Harms of corporate crime .................................................................................................................................................... 28
Difficulties to estimate scale & costs of corporate crime: ........................................................................................................ 28
6. Example: the garment industry............................................................................................................................................ 30
7. So, what is this about? ......................................................................................................................................................... 30
Lecture 3. Reactions to financial-economic crime .................................................................................................................... 31
1. Regulation ............................................................................................................................................................................ 31
Origin of regulation .................................................................................................................................................................. 31
Corporate social responsibility (CSR)........................................................................................................................................ 33
Advantages of smart regulation ............................................................................................................................................... 38
Relevant state regulation ......................................................................................................................................................... 38
2) Prevention of financial-economic crime .............................................................................................................................. 38
Internal corporate compliance ................................................................................................................................................. 39
3) Detection of financial economic crime ................................................................................................................................ 40
1. Public police ..................................................................................................................................................................... 40
2. Inspectorate services ....................................................................................................................................................... 41
3. Oversight bodies .............................................................................................................................................................. 42
4. Private sector ................................................................................................................................................................... 43
1
, 5. Internal reporting & whistleblowing ............................................................................................................................... 44
4) Sanctioning........................................................................................................................................................................... 48
Target of sanctions ................................................................................................................................................................... 48
Types of sanctions .................................................................................................................................................................... 49
Naming and shaming ................................................................................................................................................................ 50
Deterrence of sanctions? ......................................................................................................................................................... 51
Lecture 4. The informal economy ............................................................................................................................................ 52
1. What is the informal economy? ........................................................................................................................................... 52
Definition ................................................................................................................................................................................. 52
Characteristics informal economy ............................................................................................................................................ 53
Measuring the informal economy ................................................................................................................................................ 54
Methods to estimate the size of the informal economy .......................................................................................................... 54
Theories to explain the informal economy ................................................................................................................................... 56
Detecting informal activities ......................................................................................................................................................... 57
Tackling the informal economy .................................................................................................................................................... 57
Empirical research ........................................................................................................................................................................ 58
Research design and methodology ......................................................................................................................................... 58
Methodology – data collection: ............................................................................................................................................... 59
Case seasonal work .................................................................................................................................................................. 59
Policy on seasonal work ........................................................................................................................................................... 59
Enforcement ............................................................................................................................................................................. 60
Informal economic activities – some quotes: ........................................................................................................................... 61
Motives for informality............................................................................................................................................................. 61
Influence policy on informality: policy has an impact .............................................................................................................. 62
Methods (never study methods) .............................................................................................................................................. 62
Regulation ................................................................................................................................................................................ 63
Informal economic activities .................................................................................................................................................... 63
Various types of informality: .................................................................................................................................................... 63
Motives for informal street selling ........................................................................................................................................... 64
Enforcement ............................................................................................................................................................................. 65
Influence policy on informality ................................................................................................................................................. 65
State (case-specific) regulation ................................................................................................................................................ 66
Regulation ................................................................................................................................................................................ 66
Informal economic activities .................................................................................................................................................... 67
Motives for informality (reasons as to why someone becomes a prostitute) ......................................................................... 67
Regulation ................................................................................................................................................................................ 68
Enforcement: ............................................................................................................................................................................ 68
Conclusions............................................................................................................................................................................... 68
Reflections .................................................................................................................................................................................... 68
Points of discussion .................................................................................................................................................................. 68
Example exam questions .............................................................................................................................................................. 69
Lecture 5. Corruption ............................................................................................................................................................. 70
1. Introduction: what is corruption? ........................................................................................................................................ 70
2. Defining corruption .............................................................................................................................................................. 70
The problem of defining corruption ......................................................................................................................................... 72
3. Measuring corruption .......................................................................................................................................................... 72
2
, 4. Measuring corruption – TI/Eurobarometer ......................................................................................................................... 73
Transparency International (TI) ................................................................................................................................................ 73
Eurobarometer ......................................................................................................................................................................... 76
5. Anti-corruption policies ....................................................................................................................................................... 77
5. Risks of anti-corruption policies ........................................................................................................................................... 79
............................................................................................................................................................................................... 80
Lecture 6. Guest lecture: Everest lawyers ................................................................................................................................ 81
1. Anti-Money Laundering: The phenomenon ......................................................................................................................... 81
What is money laundering? ..................................................................................................................................................... 81
General characteristics of money laundering........................................................................................................................... 81
Origins of the term money laundering ..................................................................................................................................... 82
Money laundering in criminology............................................................................................................................................. 82
Money laundering in criminology: the rational choice theory ................................................................................................. 82
2. The phases in money laundering ......................................................................................................................................... 83
A dynamic three stage process: ............................................................................................................................................... 83
Techniques ............................................................................................................................................................................... 84
Process logic ............................................................................................................................................................................. 84
3. Legislative background......................................................................................................................................................... 86
In General ................................................................................................................................................................................. 86
International development of AML legislation ......................................................................................................................... 86
Money laundering in criminal law ............................................................................................................................................ 88
What makes it interesting? ...................................................................................................................................................... 89
Also for tax fraud? .................................................................................................................................................................... 90
Conclusion .................................................................................................................................................................................... 91
Case: Mossack Fonseca................................................................................................................................................................. 91
4. Guest lecture: The Belgian Financial Intelligence Processing Unit (CTIF-CFI) .................................................................... 93
Introduction .................................................................................................................................................................................. 93
CTIF-CFI ......................................................................................................................................................................................... 93
Responsabilities: what do they do?.......................................................................................................................................... 93
Reporting entities ......................................................................................................................................................................... 93
Other « reporting entities » or sources of information ........................................................................................................... 94
Preventive AML/CFT ..................................................................................................................................................................... 94
Suspicions ML/FT .......................................................................................................................................................................... 95
Report made in good faith: ...................................................................................................................................................... 95
Statistics 2024 ............................................................................................................................................................................... 95
Operational analysis ................................................................................................................................................................. 95
Exchange of information in terrorism financing cases................................................................................................................. 95
Sources of information : ............................................................................................................................................................... 95
...................................................................................................................................................................................................... 96
Serious indication of ML from ...................................................................................................................................................... 97
Statistics 2024 ............................................................................................................................................................................... 97
Case study professional money laundering networks – offsetting technique......................................................................... 97
Case studies professional money laundering networks – disclosures...................................................................................... 98
3
