RISK: Why it’s so hard to charge top bankers involved in criminal activity

Iceland, however, indicted 22 individuals involved in 2008 financial crisis

When banks break the law, they’re often slapped with hefty fines, but charges are rarely brought against individuals.

Former Bank of England policymaker Robert Jenkins attributes this pattern to fear of destroying the companies, difficulties of proving criminal intent, lobbying by bankers and naivete of regulators.

In Iceland, however, special prosecutor Olafur Hauksson prosecuted 60 individuals involved with the 2008 financial crisis, leading to 22 indictments. This was because “we were more focused on those cases in the beginning and that meant we had to specialise in cases relating to financial institutions,” he told The Guardian.

Read more.

Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.