Economic/financial crime

FEATURE: A new report from the Financial Action Task Force (FATF) has found that most countries have gaps in their understanding of terrorism financing trends, with terrorist organisations exploiting vulnerabilities both in traditional financial systems, and increasingly through online opportunities; the FATF is calling for greater international collaboration and the harmonisation of legal frameworks, as Policing Insight’s Sarah Gibbons reports.

INTERVIEW: After a year as Temporary Commissioner of City of London Police, Pete O’Doherty formally took up his post as Commissioner of the ‘Square Mile’ – the smallest police force area in the UK, but the financial heart of the country – in October 2024; six months on, he spoke to Policing Insight’s James Sweetland about the force’s new Policing Plan, why diversity is so important to policing, and the need for a “virtual stinger” capability that can stop cybercriminals in their tracks.

INTERVIEW: Nauris Paulins, Innovation and Digital Transformation Adviser at the Financial Intelligence Unit (FIU) of Latvia, recently spoke to Policing Insight’s Andrew Staniforth about the work of the unit, its role within the European NOTIONES Project, and how the FIU’s involvement in this and other research and innovation projects benefits both policing in Latvia and forces further afield.

ADVERTISEMENT FEATURE: Leadership, knowledge and application are the fundamentals to continuous education and training across all policing fields, essential to keep updated on best practices, legal changes and evolving community needs. The Liverpool Centre for Advanced Policing Studies (LCAPS) offers a comprehensive learning portfolio featuring academic policing programs designed to equip police professionals with the essential skills needed to apply to the everchanging complex challenges of modern policing.

FEATURE: The latest figures released by Action Fraud, the UK fraud reporting agency run by City of London Police, show that overall reports of investment fraud have fallen but the amount of money stolen by fraudsters has increased, with cryptocurrency scams, ‘pig butchering’ schemes, and pension and recovery fraud all cause for concern, as Policing Insight’s Sarah Gibbons reports.

ANALYSIS: The global trade in illicit drugs is estimated to be worth at least half a trillion US dollars, much of which is laundered under the radar of law enforcement and the media; Bournemouth University Lecturer in Criminology Dr Mark Berry, and University of the West of Scotland Senior Lecturer Dr R.V. Gundur, take an in-depth look at money laundering in the drug trade, and explain why law enforcement and governments should be focusing on money as well as drugs.

FEATURE: The latest findings of the PwC Global Economic Crime Survey reveal that UK companies are in many instances ahead of their international counterparts in using data analytics to tackle crimes such as procurement fraud, supply chain fraud and corruption – but the consultants warn that there is still significant room for improvement, particularly at a time when perception of public sector corruption in the UK is at an all-time high, as Policing Insight’s Sarah Gibbons reports.

ADVERTISEMENT FEATURE: Leadership, knowledge and application are the fundamentals to continuous education and training across all policing fields, essential to keep updated on best practices, legal changes and evolving community needs. The Liverpool Centre for Advanced Policing Studies (LCAPS) offers a comprehensive learning portfolio featuring academic policing programs designed to equip police professionals with the essential skills needed to apply to the everchanging complex challenges of modern policing.

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.

ADVERTISEMENT FEATURE: Leadership, knowledge and application are the fundamentals to continuous education and training across all policing fields, essential to keep updated on best practices, legal changes and evolving community needs. The Liverpool Centre for Advanced Policing Studies (LCAPS) offers a comprehensive learning portfolio featuring academic policing programs designed to equip police professionals with the essential skills needed to apply to the everchanging complex challenges of modern policing.

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.

ADVERTISEMENT FEATURE: Do you want to further your ability to help others and keep people safe? Are you interested in shifting your career focus to anti-money laundering or financial crimes?

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.