Reference no: EM133808911

Question

It is significant to notice that the Financial Markets Act (FMA) does offer significant protection against financial crimes, specifically with emphasis on the regulation of the market abuse, The Section 80 of the Act covers offenders that engage in insider trading as well as the market manipulation. However, requirement to prove intention or knowledge on the part of the state regarding the commission of a specific crime is a very difficult test to prove. Proving men's intent is critical to ensure that individuals are not wrongfully accused of actions they did not knowingly commit. This safeguard is essential in complex financial environments where transactions may involve numerous parties, and innocent individuals could be unfairly implicated. Yet, the necessity to establish intent can sometimes weaken the prosecution's ability to hold offenders accountable, particularly when financial crimes are conducted in ways that obscure the true decision-makers. On the one hand, Section 80 offers robust protection for individuals who might otherwise be unfairly targeted. On the other hand, it may make it difficult to prosecute those who engage in sophisticated schemes designed to conceal their knowledge of wrongdoing. This can limit the effectiveness of the act in fully deterring and punishing financial crimes, leaving potential vulnerabilities in the economy. To strengthen the act, there could be merit in exploring mechanisms like strict liability for certain offenses, where.