DETECTING AND REPORTING THE ILLICIT FINANCIAL FLOWS TIED TO ORGANISED THEFT GROUPS AND ORGANISED RETAIL CRIME

A report from ACAMS and the US Immigration & Customs Enforcement published a document described as a Comprehensive Educational Guide for Law Enforcement and Financial Crime Investigators.  It describes organised retail crime as a low-risk, high-reward business line for transnational criminal organizations’ portfolios that presents a significant financial and public safety risk.  While retailers and law enforcement partner to investigate such cases and provide education on the misconceptions and misunderstandings, it is clear there is a missing link in these partnerships, and that link is financial institutions.  It says that criminal organizations need to launder the nearly $70 billion of illicit proceeds gained from such activities annually.  These organisations are looking to launder their billions through the formal financial sector, unregulated payment processors, and online marketplaces.

https://www.acams.org/en/media/document/29436

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

NOTE THAT THE ABOVE LINK IS NOW CORRECTED AND WORKS!

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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