Prosecuting EU Financial Crimes: The European Public Prosecutor's Office in Comparison to the US Federal Regime

Why is the fight against financial crimes such a central task for the EU? The EU has a strong interest to counter financial crimes and fraud against the EU budget as those crimes—so the EU legislator's claim is—hamper the trust in the market and undermine consumer confidence to engage in intern...

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Bibliographic Details
Published in:German law journal 2018-10, Vol.19 (5), p.1191-1220
Main Authors: Díez, Carlos Gómez-Jara, Herlin-Karnell, Ester
Format: Article
Language:English
Subjects:
Consumer attitudes
Financial market
Fraud
Internal market
Markets
Offenses
Public finance
Public prosecutors
Transactions
Ventures
White collar crime
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Summary:Why is the fight against financial crimes such a central task for the EU? The EU has a strong interest to counter financial crimes and fraud against the EU budget as those crimes—so the EU legislator's claim is—hamper the trust in the market and undermine consumer confidence to engage in internal market transactions. In this Article, we aim to discuss the establishment of the European Public Prosecutor Office as a federal agent and the effects of this agent for establishing a robust EU financial crimes regime. Comparisons with the US system of US Attorneys—federal prosecutors—will be drawn to show that this institution has been quite effective at enhancing the protection of US financial market. The Article will then discuss to what extent the EU can, and should, learn from the American experience. We are particularly interested in the strong security focus in the EU and its consequences when it ventures into the area of financial crimes.
ISSN:2071-8322
2071-8322
DOI:10.1017/S2071832200023002