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SEC, FBI, DOJ join forces to bust crypto fraudsters and more
The U.S. Securities and Exchange Commission (SEC), FBI and U.S. Department of Justice coordinated a large-scale takedown of fraudulent cryptocurrency firms involved in market manipulation.
Written By: Crystal Zuzek
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- Cryptocurrency and Digital Assets
- Fraud Schemes
- Money Laundering
Better together
When sailing, mariners must always know the wind’s direction and mind their points of sail — a boat’s course relative to the wind. Sails can’t catch the wind in what is known as the no-go zone, approximately 45 degrees on either side of the wind’s direction. But sailing close-hauled, or as close to the wind as possible, mobilizes sails. (See “What is Sailing Close to the Wind?” Life of Sailing.) Indeed, sailing requires working with the wind to move ahead. Managing fraud risk and investigations is a similar process: Just as the mariner works with the wind, collaboration among teams of experts is the best way to propel forward. When people come together and share their expertise, they can truly succeed.
Written By: Raina Verma, CFE
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- Fraud Investigation and Examination
- Money Laundering
A matter of trust
Stories of criminals hiding ill-gotten gains in offshore trusts have become all too common. But a new age of transparency has begun as governments look to lift the veil covering this secretive world. Here we examine the history of offshore trusts and how fraudsters have gamed the system to their advantage.
Written By: Leonidas Charitos
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- Fraud Schemes
- Money Laundering
- Tax Fraud
Deutsche Bank’s “referral fees,” China’s corruption death sentence and more
Deutsche Bank’s “referral fees,” China’s corruption death sentence and more
Written By: Emily Primeaux, CFE
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- Anti-Fraud Laws Regulations and Compliance
- Financial Transactions and Fraud Schemes
- Money Laundering
Recovering illicit assets offshore might become a bit easier
The British Overseas Territories (such as The Cayman Islands) and the British Crown Dependencies traditionally have been jurisdictions fraudsters use to hide proceeds of crime. However, recent legislation on the Islands could make it easier to conduct investigations into fraud and white-collar crime.
Written By: Kenneth M. Krys, CFE, CA
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- Anti-Fraud Laws Regulations and Compliance
- Financial Institution Fraud
- Money Laundering
Anti-money laundering for registered broker-dealers
The fact that the SEC continues to pursue AML violations, and in one instance sought a $23 million penalty, emphasizes that broker-dealers have a continuing incentive to comply with AML obligations.
Written By: Charles Riely, Jing Xun Quek
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- Anti-Fraud Laws Regulations and Compliance
- Money Laundering
- Securities Fraud
Justice at all costs
Bill Browder assumes the mantle of his fallen friend, Sergei Magnitsky, as he ferrets out fraud and corruption around the world and searches for $230 million in allegedly stolen laundered Russian funds. Despite the risks, this human-rights activist says he can’t look the other way.
Written By: Mandy Moody, CFE
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- Bribery and Corruption
- Money Laundering
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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- Anti-Fraud Laws Regulations and Compliance
- Cryptocurrency and Digital Assets
- Money Laundering
U.K.'s 'Unexplained Wealth Orders' puts teeth into money-laundering fight
The United Kingdom is a haven for dirty money. Some estimate that money launderers might be hiding 90 billion pounds per year — primarily through high-end real estate. The “Unexplained Wealth Orders,” introduced in 2018, might be stanching the flow.
Written By: Mason Wilder, CFE
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- Anti-Fraud Laws Regulations and Compliance
- Money Laundering
Canadian casino money laundering exposes greater fraud problems
A report on money laundering in Canadian casinos by drug-trafficking gangs exposes more than just gamblers showing up with bundles of $20 bills. Here’s a lesson for fraud examiners whose blinders might force them to focus on just one type of fraud.
Written By: Mason Wilder, CFE
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- Bribery and Corruption
- Government Fraud
- Money Laundering
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