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ABSTRACT. Hamdani and Klement demonstrate that civil penalties or the pervasiveness standard could discourage wrongdoing more effectively than the threat of going out of business under the existing regime of entity liability. According to Richardson, a serious governance gap currently exists in the extraterritorial opera­tions of corporations, rendering them unaccountable for grave violations of international human rights and humanitarian law. As Khanna puts it, corporations would prefer corporate crime legislation because its enforcement is less frequent and its penalties are normally lower than those associated with increases in corporate civil liability. Mullin and Snyder discuss securities fraud, a violation of a public corporation’s duty to report mandated financial information that has been audited according to accepted accounting principles.

JEL: H83, K14, M14

LUMINITA IONESCU
Spiru Haret University
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