DETECTING AND REPORTING THE ILLICIT FINANCIAL FLOWS TIED TO ORGANIZED THEFT GROUPS (OTG) AND ORGANIZED RETAIL CRIME (ORC)

This White Paper from ACAMS in May says that high-profile “smash-n-grab” robberies, and nationwide cases involving major retailers in Chicago, Los Angeles, and San Francisco have made headlines; and recent hearings by the US Congress, that discuss and debate proposed legislation, target the ability of criminal organisations to resell the stolen goods online with relative anonymity.  ORC is a low-risk, high-reward business line for transnational criminal organisations’ portfolios that presents a significant financial and public safety risk.  However, criminal organisations need to launder the nearly $70 billion of illicit proceeds gained from ORC activities annually, and financial institutions should ensure proper controls are in place to detect and report illicit activities tied to or involving ORC.

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

Any modest contributions for my time and ongoing expenses are welcomed!  At Buy me a Coffee 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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