Posted in Financial Crime

Russia Financial Crime Dashboard – July 2023 by FCN

With the introduction of FCN’s Version 3 of the Financial Crime Country Dashboard, an updated version for the Russian Federation is now published. For a PDF version please see HERE: Russia Dashboard July 2023 Pbd

According to Russia itself (NRA 2018) the main financial crime threats it faces are from embezzlement, corruption, abuse of power, financial fraud & drug trafficking, but third parties also highlight serious threats related to terrorism, WMD proliferation, financial crimes, tax offences, illegal wildlife (in particular logging and fishing), human trafficking, state enabled organised crime, tax offences & cybercrime. Other notable threats not rated though as high include overall organised crime, people smuggling and arms trafficking. With corruption endemic and state enabled organised crime at such high levels the 2019 FATF report that scored Russia as highly effective for its ability to carry out financial intelligence and terrorism investigations are not necessarily inconsistent.

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Posted in Financial Crime

USA Financial Crime Dashboard – June 2023 by FCN

With the new Version 3 Country Dashboard now released from FCN, the USA Dashboard is now published in this format. See: FCN USA June 2023

These materials are published by FCN/Metriqa Ltd and are subject to copyright.

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Posted in Financial Crime

UK Financial Crime Dashboard – June 2023 by FCN

Following the publication of the UK’s 2nd Economic Crime Plan in March 2023, and the UK Fraud Strategy in May 2023,FCN has updated its UK Financial Crime Country Dashboard.See: UK Country FC Dashboard June 2023

For hyperlinks to the Threat and Response data sources , See HERE:

For Commentary on the 2nd UK Economic Crime Plan, See HERE.

Copyright FCN/Metriqa limited

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Posted in Financial Crime

Where is the UK now in tackling MS/HT after the Modern Slavery Act 2015?

The UK, to its shame, led the world in the 17th & 18th centuries in commercialising slavery, through, in particular, the transatlantic human trafficking trade from West Africa to the Americas and the Caribbean, along with other European countries. To its credit, in the 19th century it was the first of the European countries to abolish the trade , with the passing of the Slavery Abolition Act in 1833, that supplied the slaves, or those in the Americas that received these slaves. The effect of this piece of legislation was to formally free the 800,000 Africans who were then the “legal property” of Britain’s 46,000 slave owners. The terms for their freedom were still onerous. They received no compensation, and were still compelled to provide 45 hours of unpaid labour each week for their former masters, for a further 4 years after their supposed liberation.

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Posted in Financial Crime

People Smuggling and the Small Boats Crossings to the United Kingdom

One of the Top 5 Priorities of Rishi Sunak’s UK Government is to “stop small boats”, with 2022 a record year and 44,755 people making it to the UK this way. On arrival most claim asylum. In 2018 the numbers making this crossing was just 299.  

The record number of asylum seekers are on top of record legal migration, with immigration topping 1 million in the year to June 2022 doubling from 2020, and net migration at 560,000 up from 32,000 in 2020. 

Whilst the numbers crossing in small boats is very high, put into context, these “illegal” crossings represent just 4.2% of total UK immigration, (to June 2022) with 65% expected to be granted legal asylum anyway, the “illegal” percentage reduces to 1.8%.

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Posted in Financial Crime

Interview with Mike Haley CEO “CIFAS” the “Credit Industry Fraud Avoidance System”

In this Interview with Mike Haley, the CEO of CIFAS, we explore all things fraud, not just in the UK but around the world. Mike is one of the worlds leading experts on combatting Fraud and CIFAS is the oldest and probably the largest fighting financial crime “private to private” and “private to public” information sharing collaboration in the world focussed on fraud).

1 – Is Fraud at epidemic even pandemic levels and if so, what’s driving it? 

The description of fraud as an epidemic or pandemic seeks to raise the spectre of a disease that is widespread and out of control, however, we often use these labels without considering their epidemiological roots.  An epidemic is a disease that affects a large number of people within a community, population, or region, whereas a pandemic is a disease affecting more than one country or region.

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Posted in Financial Crime

UK Financial Crime Dashboard – 2023 – SOURCE DATA - Premium

Supplementing the publication of the UK Financial Crime Dashboard 2023 are the data sources via hyperlinks in the attached PDFs.

For the PDF with hyperlinks to Threats & Responses & FATF SEE: UK Charts June 2023

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Posted in Financial Crime

#2 UK Economic Crime Plan – Review by FCN

The UK Economic Crime Plan is finally published and sets out welcome plans to further combat economic crime over the next 3 years. In many ways it’s a remarkable achievement in public private collaboration and demonstrates the benefit of joined up thinking, from so many, which if progressed and successfully implemented, could represent meaningful change in the UK ‘s approach. 

There are no big surprises but it’s thorough and comprehensive, which indicates ambition and commitment. There are still many choices still to be made despite the inclusion of actions, which are in some cases placeholders for important decisions to come. 

The main positive highlights are that there is finally increased funding to do what could and should have been done years ago and that the focus is moving more towards increasing asset recoveries, that information sharing is at the core of the Plan as well as PPPs including on crypto and fraud is being recognised for the major threat that it poses both to the public sector and to the private sector, including against individuals.

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Posted in Financial Crime

#2 Economic Crime Plan – Notes for the Private Sector / Financial Services - Premium

The UK Economic Crime Plan is finally published and sets out welcome plans to further combat economic crime over the next 3 years. In many ways it’s a remarkable achievement in public private collaboration and demonstrates the benefit of joined up thinking, from so many, which if progressed and succ...

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Scams – Lucky 7 or 7 Years Bad Luck – What’s in a Number?

With scams everywhere and on the increase, the main ones can be explored through the lens of the human natures involved. Whilst these scams are carried out most often using cyber means it’s the human elements that remain the key to whether they succeed or fail. 

Whilst scammers are unlikely to be pious or religious types, and so are likely unconcerned to learn that they may well be breaching 7 of the 10 Commandments. These are: 1) they worship money and no god, 2) they make idols, from crime, 3) they steal again and again, 4) they bear false witness against their neighbours, by their deception, 5) they covert other people’s goods, 6) they do not honour their fathers or mothers, & 7) they operate 24/7 with no break for the sabbath!

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