It focuses on those crimes that have the most direct impact on the international financial system: money laundering, wire fraud schemes, the involvement of organized criminal enterprises in financial criminality, financial institution fraud, and insider "control" frauds. Organized criminal groups sell everything that is a commodity, from stolen oil to nuclear weapons, and there are customers who are willing to buy. Financial institution fraud can potentially destabilize national and world economic systems. Corruption of governmental officials breeds lawlessness and a "take-all" mentality, fostering both the rise of organized criminal groups and increasing levels and types of financial fraud. Finally, institutional deviance within financial establishments and at the governmental level decreases consumer confidence and thwarts international enforcement efforts. Law enforcement agencies realize the importance of international cooperation in combating financial criminality; however, there are numerous legal and regulatory enforcement obstacles in this endeavor. Issues of national sovereignty present barriers to enforcing many international conventions and agreements. Historically, the essential rules of the international system rest on the twin pillars of national sovereignty and independence; however, the establishment of international regimes such as the 1988 U.N. Drug Convention exemplify that states understand the importance of international law in controlling transnational criminality. The lack of sanctions impedes international agencies from enforcing the rules stated in existing conventions and agreements. Also, cooperation among agencies in sharing information does not always exist, preventing the coordination of enforcement efforts and a timely response. With increased technology and computerization, the proliferation of current schemes and the genesis of new forms of financial crimes seems certain. 30 references