FINANCIAL CRIME GUIDE: CUCKOO SMURFING

In Australia, AUSTRAC has published this guide, saying that organised criminals use ‘cuckoo smurfing’ as a method of laundering money to disguise and integrate their funds across borders to profit from and further enable their illegal activities.  This guide has been developed to help remittance service providers, banking and financial services businesses understand and identify cuckoo smurfing and report suspicious financial activity.  Cuckoo smurfing is a method of money laundering used by criminals to move funds across borders and make money generated by their illegal activities appear to have come from a legitimate source.  It involves criminals hiding transactions in the bank accounts of innocent individuals or businesses

https://www.austrac.gov.au/sites/default/files/2021-06/AUSTRAC_FCG_CuckooSmurfing_web.pdf

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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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