US FAA AIRCRAFT REGISTRY VULNERABLE TO FRAUD AND ABUSE INVOLVING MONEY LAUNDERING, DRUG CARTELS, AND OTHER CRIMINAL ACTIVITY

On 25 March, AIN Online reported that a US Government Accountability Office study had concluded that the “FAA needs to better prevent, detect, and respond to fraud and abuse risks in aircraft registration”.  The study looked into fraud and abuse of the registry and the extent of enforcement involving such activity on the register which contains nearly 300,000 civil aircraft.  It uncovered numerous cases of fraud and abuse, some of which were discovered through joint FAA and DEA efforts. Including one case where an aircraft broker that had fraudulently registered 20 aircraft with forged signatures in a multi-million-dollar bank fraud scheme.

https://www.ainonline.com/aviation-news/business-aviation/2020-03-25/watchdog-faa-registry-open-fraud-abuse

 

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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