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Money Laundering Prevention: Deterring, Detecting, and Resolving Financial Fraud

توضیحات

Anti-money laundering secrets—revealed

Presenting the guidance that, up until now, has been restricted to criminal investigators, Money Laundering Prevention provides essential information needed to fully understand the money laundering process and identify potential risk areas.

No longer associated just with narcotics and drug trafficking, money laundering has moved into the private sector. In fact, that's where most of it takes place.

If you deal with financial transactions of any kind and want a straightforward guide to money laundering detection and prevention—without finger pointing and politicizing—Money Laundering Prevention is for you.

This nuts-and-bolts book gives it to you straight, from what you need to know to identify unknown sources of income, to the various mechanisms for moving money, to technology's considerable role within money laundering.

Whether you're an auditor, investigator, or attorney, Money Laundering Prevention exposes the scale and scope of money laundering, with an unflinching look at:

  • The money laundering process

  • Money laundering as a do-it-yourself activity

  • Taking money around the world

  • How terrorists use money laundering techniques

  • Identifying risk exposures

  • Why money laundering is now transnational organized crime

This practical resource clearly reveals how to deter, detect, and resolve money laundering cases, presenting you with the information you need to increase the breadth and depth of your own anti-money laundering tool kit.


JONATHAN E. TURNER, CFE, CII, is a Managing Director with Wilson & Turner Incorporated, where he specializes in the prevention and detection of sophisticated financial fraud and employee crime issues. Prior to cofounding WTI, he served in investigations management positions with regional, national, and international investigations firms, with operational responsibility for thousands of investigations. He is a court-recognized expert in the investigation, documentation, and resolution of financial fraud matters. Turner is a commentator on fraud-related topics, including financial fraud schemes, employee fraud issues, and complex fraud schemes. He has been interviewed by the Wall Street Journal, the New York Times, and has appeared on ABC News, CNBC, and CNN programs.
Preface.

Acknowledgments.

CHAPTER 1 Understanding the Process of Money Laundering.

What Is Money Laundering?

Money Laundering Defined.

Why Do People Launder Money?

The Money Laundering Cycle.

Money Laundering Is a Criminal Business.

Money Laundering Is Global.

Money Launderers Adapt Technology.

The Role of Technology.

The Role of Banks.

The Role of Nations.

Regional Hotspots.

The Birth of the Financial Action Task Force (FATF).

Conclusion.

CHAPTER 2 Motivations for Getting Involved.

Involvement Is Personal.

People Weigh the Odds of Success.

Where Do Laundered Funds Come From?

The Impact of Corruption.

Why Is Corruption Increasing?

Corruption Always Begins Small.

Bribery and Corruption of Your Employees.

Bribery and Corruption by Your Employees.

Evolution of Government Attitudes.

Official Corruption Impacts Individual Corruption.

Tax Evasion as a Gateway.

Money Laundering.

Moving from Taxes to Criminal Activity.

The Rise of Regional and Multinational AML Organizations.

The Connection between Fraud and Money Laundering.

Money Laundering as a Do-It-Yourself Activity.

The Service Providers: Bankers, Accountants, and Lawyers.

Conclusion.

CHAPTER 3 Mechanisms for Moving Money.

Money Laundering Requires Movement through the System.

Broken Windows Encourage Other Crimes.

Look Local, Think Global.

Expanding International Requirements.

Financial Havens Are Expanding.

Money Laundering Is a Growth Industry.

Law Enforcement Gets a Big Boost.

Profit Drives Criminal Activity.

Structuring the Scheme to Succeed.

Why Use a Bank, When You Can Own One?

Learning from the Big Fraud Schemes.

Confronting the Inevitable.

Balancing Security and Cost.

Effective Fraud Prevention Strategies.

The Fraud Triangle.

Where to Start.

Mitigating Improper Behavior.

Conclusion.

CHAPTER 4 Going Global.

Taking Money around the World.

Moving the Money Offshore.

Avoiding Detection.

Historical Basis for Money Laundering.

Role of Private Banking.

Enhanced Regulations.

The Black Market Peso Exchange.

Increasing Cooperation in Regulation.

Regional Distinctions.

Global Efforts.

The Law Enforcement Focus.

Conclusion.

CHAPTER 5 Technology and Tomorrow.

The Impact of Technology.

The Next Phase of Money Laundering.

Everything Old Becomes New Again.

Being Anybody You Want to Be.

Welcome to the Future.

So What Is the AML Response?

Evolution of AML Controls.

Adjusting to Rapidly Increasing Scale.

A Highly Flexible Methodology Results in Processes that Are Difficult to Stop.

AML Is a Process, Not a Destination.

All Countries’ Regulatory Programs Are Not Equal.

Technology and Offshore Havens Intersect.

The Cost vs. the Benefit.

Consider the Pace of Change and Progress.

Conclusion.

CHAPTER 6 Discovery and Prevention.

Early Warning Is Essential to AML.

Proactive Means Active.

By the Numbers.

Paradigm Shift.

Testing Your Own AML Systems.

Expanding the Business Comparison.

The Regulatory Framework.

High-Risk Areas.

Money Laundering Meets Terror Financing.

Hiding in Plain Sight.

Criminalizing the Concealment Activities.

Creating Financial Fronts.

Keeping the Money Moving.

Keeping the Tax Man Happy.

Conclusion.

CHAPTER 7 Terror Financing.

Terrorists Use Money Laundering Techniques.

Similarities and Distinctions.

Application of the Methodology to Terror Financing.

Global Impact of Financial Crimes.

Alternative Laundering Mechanisms.

Regulatory Responses.

Conclusion.

CHAPTER 8 Identifying Risk Exposures.

AML Exposures: Assessing Financial Institution Risk.

Language, Culture, and Ethnicity.

The Legal Landscape.

Geography: Distance Matters.

The Goal of the Launderer Is to Hide.

The United States Takes a Different Approach.

Laundering Groups Seek to Evade Detection.

A Fractured Enforcement and Regulatory Picture.

The Regulatory Position on Cyber Risks.

Simple Fraud, Still Successful.

Conclusion.

CHAPTER 9 Investigating Money Movement.

Money Laundering Is Now Transnational Organized Crime.

Succeeding in the Investigative Process.

Government Access to Information.

Mining Data for Money Laundering.

Some Products Help the Perpetrators.

Investigating Virtual Payment Technologies.

Looking to the Future Investigative Issues.

Putting an Investigative Plan in Motion.

People Are Essential to Proof.

Finding Money Laundering Abroad.

Money Laundering Exposure during the Financial Industry Consolidation.

Conclusion.

CHAPTER 10 Reporting and Recovery.

Reporting to Law Enforcement.

Honest People Act Differently.

Anticipating Challenges with Cyber Recoveries.

Building Appropriate Controls into Online Payment Systems.

Global Coordination on Future Issues.

Weighing Access vs. Privacy.

Compliance Issues.

Putting Recovery Plans into Action.

Conclusion.

CHAPTER 11 Conclusion.

About the Author.

Index.