00000nam a2200000 i 4500 UP-1686042739785014554 Buklod 20241203161958.0 m |o d | cr ||||||||||| 241119s2020 nyu u eng 9780190675806 (eBook) 9780190675776 (eBook) 9780190675783 (eBook) 9780190675790 (eBook) 21385372 DLC DLAW rda eng 345.73/0268 23 KF 9350 V47 2020eb Verdier, Pierre-Hugues author. Global banks on trial U.S. prosecutions and the remaking of international finance Pierre-Hugues Verdier. Electronic resources. New York Oxford University Press [2020] 1 online resource (xiv, 266 pages) 24 cm. text txt rdacontent computer rdamedia online resource nc rdacarrier Includes bibliographical references and index. Introduction : Global Banks, Regulators, and Prosecutore -- "I Think We Got Away With It" : Benchmark Manipulation -- "Geneva Is Lovely this Time of Year" : Offshore Tax Evasion -- "A Hidden War" : Sanctions Evasion -- "An Extortion and An Act of Piracy" : Enforcing Sovereign Debt -- Conclusion : The Future of Global Bank Prosecution. In the years since the 2008 financial crisis, U.S. federal prosecutors have brought dozens of criminal cases against the world's most powerful banks, charging them with manipulating financial indices, helping their customers evade taxes, evading sanctions, and laundering money. To settle these cases, global banks like UBS, Barclays, HSBC and BNP Paribas paid tens of billions of dollars in fines. They also agreed to extensive internal reforms, hiring hundreds of compliance officers, spending billions on new systems, and installing independent corporate monitors. In effect, they agreed to become worldwide enforcers of U.S. law and policies, including financial sanctions-sometimes despite their own governments' protests. This book examines the U.S. enforcement campaign against global banks across four areas: benchmark manipulation, tax evasion, sanctions violations, and sovereign debt. It shows that U.S. prosecutors have unilaterally carved out a new role as global bank regulators, heralding a fundamental shift in how international finance is overseen. Their ability to do so stems from U.S. control over vital hubs of the international financial system, from which they can threaten global banks with exclusion. In some areas, these unilateral U.S. actions have ushered in important multilateral reforms, such as the rise of automatic tax information exchange and better-regulated financial indices. In other areas, such as financial sanctions, unilateralism has attracted protests from other states and attempts to bypass U.S.-based financial infrastructure, which could undermine the country's power."-- Provided by publisher. Criminal jurisdiction United States. Electronic books. Banking law United States Criminal provisions. Banks and banking, International Law and legislation Criminal provisions. United States. Verdier, Pierre-Hugues. New York : Oxford University Press, 2020 Online version (DLC) 2019039320 Global banks on trial. 9780190675806. https://doi.org/10.1093/oso/9780190675776.001.0001 click here to access Available to all UP Students https://doi.org/10.1093/oso/9780190675776.001.0001 FO UPD DLAW KF 9350 V47 2020 Electronic Resource