Corporate culture, law enforcement and systemic corruption in the Australian financial sector

Research output: Contribution to journalArticle

Abstract

A recent report by a specially appointed Royal Commission reveals the systematic resort of various forms of misconduct across the Australian financial services industry and identifies its causes in a profit-oriented corporate culture and in inadequate corporate and state enforcement of legal rules of conduct. These findings imply that not only greed but the legal system itself can be a cause of normalisation of corporate misconduct. The purpose of this article is to examine the interplay between corporate culture, the law and internal and external enforcement in the attempt to assess to what extent the legal system can, more or less unintendedly, facilitate the systemisation of corruption. Our analysis, based on an interdisciplinary approach integrating criminological, sociological, psychological and legal theories, seeks to provide an explanation of systemic corruption which might hopefully apply to other contexts and be useful to develop possible solutions.
Original languageEnglish
JournalPolicing: A Journal of Policy and Practice.
Publication statusSubmitted - Aug 2019

Fingerprint

law enforcement
legal system
corruption
legal theory
psychological theory
cause
sociological theory
financial service
normalization
profit
Law
industry

Keywords

  • Corruption
  • Business Ethics
  • Company Law
  • Criminal Law
  • Lawmaking
  • Financial regulation
  • Banking industry
  • Financial services
  • Financial crime
  • Fraud

ASJC Scopus subject areas

  • Law

Cite this

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title = "Corporate culture, law enforcement and systemic corruption in the Australian financial sector",
abstract = "A recent report by a specially appointed Royal Commission reveals the systematic resort of various forms of misconduct across the Australian financial services industry and identifies its causes in a profit-oriented corporate culture and in inadequate corporate and state enforcement of legal rules of conduct. These findings imply that not only greed but the legal system itself can be a cause of normalisation of corporate misconduct. The purpose of this article is to examine the interplay between corporate culture, the law and internal and external enforcement in the attempt to assess to what extent the legal system can, more or less unintendedly, facilitate the systemisation of corruption. Our analysis, based on an interdisciplinary approach integrating criminological, sociological, psychological and legal theories, seeks to provide an explanation of systemic corruption which might hopefully apply to other contexts and be useful to develop possible solutions.",
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author = "Lorenzo Pasculli",
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AB - A recent report by a specially appointed Royal Commission reveals the systematic resort of various forms of misconduct across the Australian financial services industry and identifies its causes in a profit-oriented corporate culture and in inadequate corporate and state enforcement of legal rules of conduct. These findings imply that not only greed but the legal system itself can be a cause of normalisation of corporate misconduct. The purpose of this article is to examine the interplay between corporate culture, the law and internal and external enforcement in the attempt to assess to what extent the legal system can, more or less unintendedly, facilitate the systemisation of corruption. Our analysis, based on an interdisciplinary approach integrating criminological, sociological, psychological and legal theories, seeks to provide an explanation of systemic corruption which might hopefully apply to other contexts and be useful to develop possible solutions.

KW - Corruption

KW - Business Ethics

KW - Company Law

KW - Criminal Law

KW - Lawmaking

KW - Financial regulation

KW - Banking industry

KW - Financial services

KW - Financial crime

KW - Fraud

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JF - Policing (Oxford)

SN - 1752-4512

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