FRAUD IN THE CARIBBEAN REGION IS WIDESPREAD AND GENERATES HUNDREDS OF MILLIONS OF DOLLARS IN CRIMINAL PROCEEDS EACH YEAR

On 14 December, a report from Global Financial Integrity says that financial fraud has a widespread footprint across the region, involving hundreds of millions if not billions of dollars in illicit proceeds each year, impacting the economic security of countries and the region as a whole, and generating a certain level of associated violence.  The report examines the prevalence and dynamics of this financial crime.  It analyses the actors and facilitators involved, the methods of contact used by perpetrators, and the channels utilised to move the associated proceeds.  It also assesses current policy and law enforcement responses.  In addition, it provides 5 country case studies, examining the country contexts in Antigua and Barbuda, Barbados, Belize, Jamaica, and Trinidad and Tobago.  Among the findings are that the most common fraud types in the Caribbean include advance fee frauds, specifically lottery/prize scams, online shopping scams, and romance scams, as well pyramid and Ponzi schemes.  Jamaica alone, experts assessed the annual value of fraud proceeds at up to $800 million.

https://gfintegrity.org/wp-content/uploads/2022/12/GFI-Financial-Fraud-in-the-Caribbean.pdf

 

https://www.buymeacoffee.com/KoIvM842y

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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