ABSTRACT
This chapter argues that a move towards this tougher regulation is purely cosmetic and encourages regulated entities to follow a 'tick-box' approach. It counters the belief that excessive regulation leads to more efficient compliance of financial crime laws, and therefore a more stable financial system. The chapter focuses the United Kingdom; however, in discussing the financial crisis and the prosecutions, it is essential to traverse through the reaction of law enforcement to the issue of corporate accountability in the United States. It explores that large fines are hardly a deterrent for criminal behaviour on the part of corporations, let alone a discount on that fine or a deferred prosecution. Once again, a criminal theory that is more suited to an individual is being blindly applied to a corporation. The chapter argues that the real essence of individual prosecutions relating to financial crime has still not been realised.
