Questionable relations: on financial violator ‘assemblages’ in the global economy

Philip Cooke

Chapter 15 in Handbook of Creative Regions, 2025, pp 283-299 from Edward Elgar Publishing

Abstract: This study examines financial crime within ‘dark’ F-KIBS clusters, following prior research on management consultancy and accounting assemblages. It explores three key questions: (1) Why are financial crimes leading to massive fines? (2) Has prosecution increased in recent years? (3) Which jurisdictions or sectors are most affected? Using an ‘assemblage geography’ approach, the study highlights financial clusters, notably Delaware (US) and Wilmington, specializing in tax avoidance and bankruptcy. Switzerland's Bellinzona Federal Criminal Court recently convicted Credit Suisse for laundering cocaine profits (2004–2008), missing red flags despite prior fines. The bank faced a SFr2mn fine, €18.6mn compensation, and SFr12mn asset confiscation. Similar criminal ties emerged in Japan, where a Credit Suisse banker was linked to Yakuza money laundering. After Greensill and Archegos collapsed, Credit Suisse received a £45bn bailout in 2023. London's regulatory framework and further ‘assemblage’ cases will be explored in future analysis.

Keywords: Evolutionary spatial analysis; Assemblage geography; Dark clusters; Creative clusters; Financial knowledge-intensive business clusters; Financial districts (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035317875
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