On 28th January, ACFCS reported on 4 reports the US government released detailing the overarching strategies to counter a chilling array of criminal threats, from narco-traffickers to rogue nation states, healthcare fraudsters to Nigerian princes and princesses, Indian “IRS” agents, to terror financiers and weapons and human traffickers. There are 3 assessments – one each for money laundering and terrorist financing (an update to 2015 analyses), a new assessment revealing the financial tendrils tied to the proliferation of weapons and, lastly, a national strategy summarising the 3 reviews.
It identifies, “emerging and continuing risks” requiring further action including –
- the growing misuse of virtual currencies, particularly anonymous “privacy coins”;
- a lack of regulation and supervision of virtual currency providers in many foreign jurisdictions;
- complicit insiders at financial institutions facilitating sanctions evasion, money laundering and other crime;
- complicit merchants facilitating money laundering;
- recruitment of unwitting and unquestioning individuals to facilitate money laundering;
- trade-based money laundering – the assessments have, yet again, noted the perennial laundering vulnerability of global trade in the form of under- or over-invoiced items or simply lying about what is really in a particular crate or shipping container.
Links to the assessments can be found on the ACFCS page.