Famous for her work investigating and exposing the large
and complex 1MDB scandal, Clare Rewcastle Brown believes that European banks
should be considered partially culpable for the Malaysian-based fraud.
Scheduled to address hundreds of anti-fraud professionals in London, 19-21
March, for the 2017 ACFE Fraud Conference
Europe, Brown says that international bodies around the world
could do more to investigate and prosecute fraud.
“I am concerned there has been insufficient response in
the U.K., and also in France, to chasing up 1MDB,” she told the Association of
Certified Fraud Examiners (ACFE). “There is a mass of property that was funded
by the stolen money through Khadem al Qubaisi in France and many UK players
were up to their necks in the heist — law firms, offshore incorporations
specialists, tax advisors, accountants … and that can only be a deliberate
oversight, which I find very troubling.”
Brown said she had alerted U.K. financial fraud law
enforcers to the alleged money laundering and theft happening in the 1MDB fund
in Malaysia, but she was told that they were too “over-burdened” to
investigate. Despite her disappointment in the response she has seen, she
remains optimistic that the general public is becoming more aware of the
pervasiveness of fraud. “I get a lot of interest in my site and feedback,” she
said. “People really seem to have woken up to the magnitude of the problem and
the pernicious effects.”
Brown will be joined at the conference by other keynote
speakers including compliance expert Mark Livschitz and Training Director of
the Association of Certified Fraud Examiners Liseli Pennings, CFE. Attendees
will also hear from convicted fraudster Kweku Adoboli*, who lost more than $2
billion from UBS accounts through unauthorized trades.
Educational sessions will include discussions about ethical
corporate culture, cybercrime and using risk-based employee background checks.
Don’t miss your chance to hear from experts on today’s
most pressing fraud and corruption issues. For a media credential to cover the
event, please RSVP to SHofmann@ACFE.com.
for more information.
About the ACFE
The Association of Certified Fraud Examiners (ACFE) is the world’s largest anti-fraud organization and premier provider of anti-fraud training and education. Together with more than 80,000 members, the ACFE is reducing business fraud worldwide and inspiring
public confidence in the integrity and objectivity within the profession. The ACFE administers the Certified Fraud Examiner (CFE) credential, an internationally recognized certification that denotes proven expertise in fraud prevention, detection and deterrence. CFEs around the world help protect the
global economy by uncovering fraud and implementing processes to prevent fraud. For more information, visit