Legislation Situation And Reform Idea Of Finance Crime Of Fraud

According to the development of financial area, a transformation of economic system occurs. Because of the lack of precaution system, some criminals take the chance to do many financial crimes, among which fraud crimes happen a lot. And the money concerned is amounting. This has destroyed the national financial and social order dramatically, and become a counterwork to the economic development. As a result of the financial fraud crimes in reality, the legislation is not enough for use. And because of the lack of statutes and practical experience as well, there is a chaos in theory and practice now. This article aims at the improvement in precaution system in financial area and the punishment of fraud crimes. And in this way the financial system in law could reasonably adapt to the globalization. By the use of logical analysis and comparativeness, this article studies in the reasons of the fraud crimes, and it reviews on some important legislations, such as laws and rules from Criminal Law in 1979 to the Decision on Punishment on Crimes Which Break the Financial Order and three changes of the new Criminal Law. The concept of Financial Fraud Crime is defined. And an idea on the legislation is made from four sides, which are legislative thoughts, legislative mode, design of the crimes and criminal punishment. From the point of view of legal right protection, the law-makers should follow the changes of the era, remove the unfair notion, and focus on the equal protection of financial institutions and customers. This means the illegal behavior of financial institutions should also be punished by law, and this can only be appropriate to be seasoned with the fast development of economy. From the point of view of legislative mode, the traditional mode to define a fraud crime, Objective and Result should be transformed into Action and Objective according to the contemporary criminal law theories, value tropism and the trend of criminal law internationalization. From the point of view of Crime names, it is reasonably suggested that some crimes could be added, such as fraud on customer insurance, insurance deputy, agent fraud, and fraud on notes. And it is also valued to separate fraud from misuse of notes, and credit card fraud from misuse of credit card. From the point of view of the setting of punishment, it is suggested that the death penalty should be abolished. Light punishments are strongly advised to be extended in scope and raised in the percentage of use. Fine could be more focused on in financial fraud crimes. The fine on institutions should be confirmed and for the financial fraud crimes, fines would better be doubled mounted. For persons and institutions that breach the law on financial fraud crimes, punishments on qualifications could be considered. It would be confirmed that institutions could be the principals of some crimes, such as loan fraud, credit card fraud, and valued securities fraud, and in this way the punishment on crimes could be deemed as equal, effective and vital.