Milind Tiwari, CFE
Case of the empty crates
Fraudulent use of letters of credit has run rampant in Libya amid a chaotic civil war. We look at cases in this opaque corner of the trade finance market to better understand how fraudsters are exploiting a financial instrument that helps drive global trade but also opens doors for wrongdoing.
Written By: Milind Tiwari, CFE
Can economic sanctions lead to fraud?
Countries routinely use sanctions on nations to deter and penalize bad behavior. But what if economic restrictions cause criminals to seek the anonymity of alternative currencies? We possibly could see increases in fraud, money laundering and terrorism financing. Or not. The jury’s still out. Here’s what fraud examiners and law enforcement can do as nations move to their own parallel virtual and traditional monetary systems.
Written By: Milind Tiwari, CFE, Adrian Gepp, Ph.D., Kuldeep Kumar, Ph.D.
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