Data mining predicts patterns through electronic data base technologies like statistical analysis and modeling. Some U.S. law enforcement agencies data mine to predict the criminal patterns of money launderers, terrorist financiers or other criminals. The U.S. Department of Homeland Security for example, mentioned the following four data mining programs in its February 11, 2008 Letter
terrorist financing
Smuggling Cash Across Iraq’s Border
By Fred Abrams on
Posted in Asset Search/Fraud Investigation, Money Laundering
I first wrote about Donnie in my post, Forfeiture & The DEA’s Asset Search. In that post, I mentioned that Donnie was a former Special Agent with the Drug Enforcement Administration who had gone to Iraq to train Iraqi Police. Donnie recently left the Numaniyah National Police Training Academy to travel about an hour’s…
Asset Search News Roundup: August 23, 2008
By Fred Abrams on
Posted in Asset Search News
This week’s roundup highlights three different matters in which assets were hidden by a "john" patronizing prostitutes; a Pakistani national engaged in terrorist financing; and an attorney from Utah:
- The Charlotte Observer reported at "2nd guilty plea in call-girl ring case" , that a "john" pleaded guilty to tax fraud for hiding revenue
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Hiding / Smuggling Cash
By Fred Abrams on
Posted in Asset Search/Fraud Investigation, Money Laundering
Nathan Vardi’s Forbes.com article "Cash Is King", describes some of the ways funds can be transferred during money laundering:
- Wire Transfers
- Credit Cards
- Prepaid Cards
- Digital Currency (i.e. E-Gold)
- Cash
"Cash Is King" also briefly quotes me and mentions that cash is hard to trace. Illicit cash can of course still be detected…
Fighting Financial Fraud At UK Banks
By Fred Abrams on
In the United States, the Financial Crimes Enforcement Network regulates the customer identification procedures, (a.k.a “know your customer rules”), at banks. In order to clarify these procedures, the Financial Crimes Enforcement Network issued guidance in January 2004. These customer identification procedures codified at 31 C.F.R Part 103.121, demonstrate that there is no discretion…
Terrorist Financing, Money Laundering & Financial Intelligence Units
By Fred Abrams on
Posted in Financial Institutions, Money Laundering
The Financial Intelligence Units of the Egmont Group, exchange information worldwide to track terrorist financing and fight crimes like money laundering. Their exchange of information occurs pursuant to the Egmont Group’s Principles for Information Exchange (June 2001) and Best Practices for the Exchange of Information (updated June 2004). Sometimes Financial Intelligence Units (“FIU’s”) share information…