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Financial Market Crimes (A Comparative Study of Iraqi and Egyptian Law)
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Mohammad Ali Haji Dehabadi *1   , Ameer Abdulhasan Sachit Alsowaidi2 |
1- Assistant Professor, Department of Criminal Law and Criminology, Faculty of Law, University of Qom, Qom, Iran.
2- PhD Student of Criminal Law, Faculty of Law, University of Qom, Qom, Iran. |
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Abstract: (32 Views) |
| The study addresses criminal liability for financial market crimes under Iraqi and Egyptian law, given the serious risks these crimes pose to the integrity of financial transactions, market stability, and investor confidence, particularly in light of the rapid development of financial transactions and the increasing diversity of methods and techniques used to commit crimes related to securities markets. The study aims to examine the provisions governing criminalization and punishment and assess their adequacy in addressing emerging financial crimes. It focuses on insider trading, manipulation of securities prices through rumors and fictitious transactions, and the provision of misleading data and disclosures. The significance of the study lies in determining the adequacy of the criminal protection afforded to financial markets in both Iraq and Egypt, identifying legislative deficiencies, and assessing the ability of legal provisions to address emerging forms of financial crime, thereby contributing to enhancing market integrity, protecting investors, and strengthening confidence in financial transactions. The study aims to analyze the legal provisions governing financial market crimes in Iraqi and Egyptian legislation, identify the forms of criminalization and applicable penalties, determine the constituent elements of these crimes and the resulting criminal liability, and compare the criminal policies adopted in both legal systems in order to assess their effectiveness in combating such crimes. The researcher adopts the descriptive, analytical, and comparative approach to examine the legislation governing financial markets and the general principles established under the Iraqi and Egyptian Penal Codes. The study also examines the material and mental elements of the crimes, the liability of legal persons and individuals, and the principal and supplementary penalties. The study concludes, among other findings, that Egyptian legislation provides more detailed regulation of certain forms of financial market crimes, particularly insider trading, market manipulation, and disclosure obligations, whereas Iraqi legislation still requires more specialized and precise criminal provisions capable of addressing emerging forms of financial crime and more clearly defining criminal liability and applicable penalties. The researcher recommends developing Iraqi legislation governing financial markets by introducing comprehensive criminal provisions that expressly criminalize various forms of market manipulation, insider trading, and misleading disclosure, while strengthening the powers of regulatory authorities and mechanisms for cooperation and coordination to ensure the prompt detection of crimes and prosecution of offenders, thereby achieving effective deterrence. The study further recommends criminalizing technological manipulation, increasing fines, and enhancing the supervisory and investigative powers of the Securities Commission to ensure market integrity and investment stability, provide effective protection for investors, and strengthen confidence in financial transactions. |
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| Keywords: Criminal Liability, Financial Market Crimes, Financial Manipulation, Iraqi Law, Egyptian Law |
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Full-Text [PDF 671 kb]
(8 Downloads)
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Type of Study: Research |
Subject:
Special
Received: 2026/08/6 | Revised: 2026/09/6 | Accepted: 2026/09/11 | Published: 2026/09/23
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