Economic/financial crime

FEATURE: A recent Europol-supported cross-border operation targeting VAT fraud saw accounts containing more than €520 million frozen, hundreds of properties seized, and at least 200 people investigated; Policing Insight’s Andrew Staniforth looks at the efforts of law enforcement to tackle organised crime’s increasing involvement in cyber-enabled fraud.

FEATURE: A new report from the University of Portsmouth and Perpetuity Research urges more UK police forces to overcome a “risk averse” approach to working with the private sector and tap into a “wealth of expertise” – particularly in banks, insurance companies, and other financial institutions – to tackle the complex and evolving landscape of economic crime, as Policing Insight’s Sarah Gibbons reports.

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ADVERTISEMENT FEATURE: In today’s intricate financial landscape, uncovering financial crime is more crucial than ever. Fundamentally, it’s a network problem: diving into the intricate web of ownership structures, often extending through multiple levels and involving numerous entities.

FEATURE: Operation First Light, the global police operation led by INTERPOL, secured impressive results, freezing more than 6,700 bank accounts and seizing assets worth $257 million; but as Policing Insight’s Andrew Staniforth reports, while the operational achievements deserve praise, the scale of this criminal endeavour highlights the continuing success of scammers who combine hi-tech channels with appeals to the most basic of human emotions.

FEATURE: With money laundering continuing to pose a threat to security and safety through the use of funds for both criminal activity and terrorism, Policing Insight’s Andrew Staniforth reports on the latest European Union agreements which should improve detection and strengthen prevention across members states.

INTERVIEW: In the latest in a series of interviews with leading figures involved in the research and investigation of organised crime, Policing Insight’s Dr Chris Allen spoke to Dr Mariola Marzouk, co-founder of trade-based money laundering (TBML) specialists Vortex Risk, about the dangers of failing to understand the practicalities of TBML, going back to the drawing board to tackle money laundering, and why celebrating the successes against ‘stupid’ money launderers is a false reality.

FEATURE: The first five-year strategy to tackle fraud, economic and cyber crime was recently published by the City of London Police – the lead force on the issue for England and Wales – in an effort to redress a decade of ‘deprioritising’ fraud compared to other crimes; the strategy looks to improve the service to victims, prevent the continuing escalation of fraud, and secure more successful justice outcomes, as Policing Insight’s Sarah Gibbons reports.

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FEATURE: The final report of the Commission on Crime and Gambling-Related Harms has called for reforms and a stronger commitment at a political level to address crime and other harms, a message echoed by the Association of Police and Crime Commissioners, which argues that crime linked to problem gambling must be tackled with the “same urgency and focus as other addictions”, as Policing Insight’s Sarah Gibbons reports.

FEATURE: A new money-laundering taskforce led by the Australian Federal Police and including the Australian Border Force and the Australian Criminal Intelligence Commission will target the tens of million dollars believed to be laundered in the country every day that is the ‘lifeblood’ of Australia’s organised crime gangs, as Policing Insight’s Sarah Gibbons reports.

OPINION: The launch of the Financial Action Task Force in 1989 marked the start of the global war on dirty money, but victories seem to have been few and far between; financial crime experts Dr Nicholas Gilmour and Tristram Hicks (both former police officers) challenge the nature of this global approach, and highlight steps that could see criminal assets used to tackle some of the world’s greatest social problems.

OPINION: The introduction of freeports, and the potential economic boost they can deliver, are an essential part of the UK Government’s ‘levelling up’ strategy; but University of Portsmouth Lecturer and former police detective Dr Paul Gilmour believes the approach could open up opportunities for a new wave of international crime including drug smuggling, the illegal wildlife trade, and money laundering.

INTERVIEW: International development organisations around the world are focused on achieving sustainable development goals, but their efforts are at risk of being undermined by financial crime; Oliver May, Leader for International Development Practice at Deloitte Australia, spoke to Policing Insight’s Sarah Gibbons about the improving response of NGOs to financial crime and the need for law enforcement to help countries and organisations tackle that threat.

INTERVIEW: In the latest in a series of interviews with leading figures involved in the research and investigation of organised crime, Policing Insight’s Chris Allen spoke to Dr Nicholas Gilmour, Financial Crime Advisor, about the changing nature of organised crime, the fact that it is a fluid, global organised phenomenon that is neither static nor predictable, and how the growth of organised crime is out of control.

INTERVIEW: In the latest in a series of interviews with leading figures involved in the research and investigation of organised crime, Policing Insight’s Chris Allen spoke to Ken Rijock, a convicted former money launderer and now financial crime consultant, on the qualities need to catch launderers, the threat posed by economic passports, and how technology keeps the criminals ahead of the game.

INTERVIEW: In the latest in a series of interviews with leading figures involved in the research and investigation of organised crime, Policing Insight’s Chris Allen spoke to financial crime consultant Richard Gould about enabling financial investigators to “cause mayhem in the criminal community”, the ongoing challenge of trade-based money laundering, and why the decision to discontinue some the UK’s international law enforcement projects was so misguided.

INTERVIEW: With organised crime and illegal financial transactions increasingly reliant on digital data and online activity, the work of the digital forensics team at Her Majesty’s Revenue and Customs (HMRC) in the UK has become crucial in the fight against fraud and other crimes: Policing Insight’s Christine Townsend spoke to HMRC’s Head of Digital Forensics Colin Smith to find out more.

ANALYSIS: The high-profile media investigations into the Panama Papers, Pandora Papers and others brought the issues of illegal financial activity and money laundering to a wider global audience; now a new Europol report has offered a law enforcement perspective on the use of international finance systems for criminal gain, and Policing Insight’s Chris Allen reports.

UCL COVID-19 SERIES: Contactless card payment limits increased in the UK to £100 in October, seemingly largely in an effort to increase consumer spending and help stimulate economic recovery; but in this latest article from the UCL COVID-19 series, Professor Graham Farrell (University of Leeds) and Professor Nick Tilley (UCL) argue that a Tap-and-PIN approach would help to prevent crime, and potentially deter a large cohort of young offenders from becoming career criminals.

Feature: Urgent changes need to be implemented to fraud investigations to improve the level of service to victims, according to HMICFRS. Policing Insight Deputy Editor Sarah Gibbons looks at the recommendations to make this area of crime a higher priority.

ANALYSIS: Crime networks are laundering the profits from illegal activities such as trafficking in wildlife, timber and people smuggling through casinos; freelance journalist Georgina Kenyon highlights the challenges facing Australia and other countries in tackling the links between serious and organised crime and the gambling industry.

ANALYSIS: The criminal use and manipulation of cryptocurrencies has been a growing threat over recent years, brought into sharper focus by the financial disruption of the pandemic; Eray Arda Akartuna of the Jill Dando Institute of Security and Crime Science at UCL highlights some of the key emerging risks and trends, as well as the steps to be taken to tackle them.

Analysis: Amid concerns that rising levels of large scale VAT fraud now represent a national security threat, Andrew Staniforth examines how new working arrangements between the European Public Prosecutor’s Office (EPPO) and Europol will be vital in ensuring that essential information sharing mechanisms are in place for effective investigations.