| Summary: | 碩士 === 輔仁大學 === 法律學系碩士在職專班 === 106 === Thesis Title: The Study on Illegal Benefits Gained from Financial Crimes
Department: Fu Jen Catholic University School of Law, Continuing Education Master’s Degree Program
Student: CHEN,MING-HUANG
Instructing Professor: JIN,ZONG-LI, Associate Professor
Thesis Length: 195 Pages
The number of financial crimes that have occurred throughout the years includes countless cases such as Hong Yuan, Rebar, Asia Trust, 10th Credit, OCBC Bank, Hong Huo, PROCOMP, and Jushuixuan. While the cases occurred, the media relayed these stories and gave live reports but what happened after these stories fell out of the news? What happened to the illegal gains from these crimes? It’s often heard that the criminals live lavish lives overseas, enjoying fine food, luxury cars, and mansions; in comparison, the victims often lose their life savings. There is clear inequality in these comparisons.
With technological advancements, there are now “plastic currencies” such as ATM cards, credit cards, cash cards, and debit cards in addition to traditional currencies. The function of “currencies” has been further augmented with “digital checks” and “3rd party payment systems”. Cash transactions have evolved to bank or wire transfers, meaning the illegal gains from financial crimes are no longer limited to physical currencies as a few key presses can complete a financial transaction. Thanks to these transaction tools, they differ from traditional financial crimes as the illegal gains from these financial crimes involve massive sums of hundreds of millions or billions. This money is laundered through certain channels and they severely impact financial order, social stability, and corrode the foundation of national economies.
Financial crimes are not uncommon. Find figureheads, start a company, make money through fraud, conceal the proceeds of the crime, then announce bankruptcy is basically the standard operating procedure of these crimes. It’s easy to speak of financial crimes, but what exactly are they? If a larceny occurs in the process of securities transaction, is it also a financial crime? What are the types and characteristics of financial crimes? With frequent cross-strait cooperation, what are the development of financial regulations and academic perspectives in China? What are the current regulations against the illegal gains from financial crimes? Regulations of confiscation are even more important for the purpose of prevention but there are many loop holes in old regulations of confiscation; they are restricted to original and physical objects but do not include exchanged objects, illegal gains, and discretionary gains; Except for contraband, they are also restricted to the objects that belong to the offender. Therefore, regulations of confiscation underwent massive change to amend the previous loop holes in 2015, but there is still room for discussion.
What are the perspectives on current policy of severe punishment for financial crimes and the practice and academics of financial criminal regulations? What are the interpretations of cases such as Hong Huo, Jushuixuan, and PROCOMP? Are severe punishment policies effective? What are the doubts towards the Securities and Exchange Act? The aim of this study is to achieve preliminary clarity. Finally, this paper provides perspective on if severe punishment policies are ineffective, how can temporary and permanent cures “effectively” seize illegal gains to achieve the purpose of preventing financial crimes.
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