To Discuss The Bounds Of Internet Finance Cross Cases Interacting Criminal And Civil Law

With the rapid development of information technology and its close connection with Finance,the Internet Finance is becoming a new financial model depending on creative technology,which meets the requirement of contemporary commerce.Featured highly-efficiency and low-cost,the Internet Finance benefits both the investors and financiers for the convenience to do transactions as it helps them to update the information instantaneously and complete the transaction in a short period.This is also perceived as one of the good ways to realize Finance Inclusive System.However,due to the absence of related policies and regulations,there are crimes taking advantage of the online portal and financial system and damaging the property of investors,such as p2 p online portal “shutting down” and “making off with money”.It not only causes staggering amount of loss to the market but also jeopardizes the legal system of financial market.From the official monitoring data,until the end of January this year,the number of normally operating online portal is 2,388 while the number of problematic ones is up to 3,493 involving 478 thousand investors and innumerable amount of capital.Therefore,the legal issue is inevitable and intrinsic in terms of the development of the internet,and it evolves with the progress of internet technology and business model meanwhile.Through the research on the crimes of the Internet Finance and the court verdict for the p2 p online borrowing which was given during recent five years in China,it can be concluded that:since it's more likely to raise funds illegally from public through the internet than the normal financing,the Internet Finance has more tendency to be taken advantage of as a way of financing illegally;as for the convict and sentence of the p2 p cybercrime for online borrowing,the inequality of the sentencing policy leads to the possibility of longer sentence;other issues need to be settle down,such as the assignment of credit,the indefinability of capital pool and the broadness of the convicts.As the English philosopher Maine once said that social needs and social concept are always ahead of the legal law and even though we can try to narrow the gap,it will exist forever.It's important to appreciate that the improvement of finance brought about by the information technology while realize the correspondent legalrisks involved.The unclear boundary between the Internet Finance and financial crime reveals the lag and rigidness of legal law.Therefore,the legislature is supposed to set up the standard and restriction of the sentence clearly and define the boundary.The derived risks from the development of internet Finance need to be taken seriously when applying the criminal law,which can protect the company's legitimate rights from inappropriate damage and avoid the situation that company uses the innovation as the excuse to escape the punishment.Compared with the traditional financial crime,the Internet Financial crime incurs more challenges for the investigation,prosecution and trial.For example,obtaining evidence is difficult and it lacks the benchmark for case filing.This arises the attention from the legislature and procuratorate to the governance and regulation of the financing activities.During the trial of the Internet Financial crime,it is common that cases involve both the civil law and criminal law.However,there is lack of fitness to apply the criminal law in advance of the civil law to all cases.The different principles behind the two laws determine that the interaction of them would not be the aggregation of their separate function but weaken it in real.The usual practice of application of the criminal law in advance of the civil law is questioned in this article.And the author asserts that the procedure for the cross cases should be re-constructed,taking both the application of the criminal law and the civil rights of the victims into consideration.