Money laundering is the process of illegally concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime.
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.
Cybercrime encompasses a wide range of criminal activities that are carried out using digital devices and/or networks. These crimes involve the use of technology to commit fraud, identity theft, data breaches, computer viruses, scams, and expanded upon in other malicious acts. Cybercriminals exploit vulnerabilities in computer systems and networks to gain unauthorized access, steal sensitive information, disrupt services, and cause financial or reputational harm to individuals, organizations, and governments.
An offshore bank is a bank that is operated and regulated under international banking license, which usually prohibits the bank from establishing any business activities in the jurisdiction of establishment. Due to less regulation and transparency, accounts with offshore banks were often used to hide undeclared income. Since the 1980s, jurisdictions that provide financial services to nonresidents on a big scale can be referred to as offshore financial centres. OFCs often also levy little or no corporation tax and/or personal income and high direct taxes such as duty, making the cost of living high.
The Proceeds of Crime Act 2002 (POCA) is an act of the Parliament of the United Kingdom which provides for the confiscation or civil recovery of the proceeds from crime and contains the principal money laundering legislation in the UK.
Racketeering is a type of organized crime in which the perpetrators set up a coercive, fraudulent, extortionary, or otherwise illegal coordinated scheme or operation to repeatedly or consistently collect a profit.
Anti-Money Laundering (AML) refers to a set of policies and practices to ensure that financial institutions and other regulated entities prevent, detect, and report financial crime and especially money laundering activities. Anti-Money Laundering is often paired with the action against terrorism financing, or Combating the Financing of Terrorism, using the acronym AML-CFT. In addition arrangements intended to ensure that banks and other relevant firms duly report suspicious transactions, the AML policy framework includes financial intelligence units and relevant law enforcement operations.
In domestic and international commercial law, a beneficial owner is a natural person or persons who ultimately owns or controls an interest in a legal entity or arrangement, such as a company, a trust, or a foundation. Legal owners, commonly described as the "registered owners", may hold those interests as beneficial owners or for the benefit of someone else, in which case they may be described as a "nominee".
The chief compliance officer (CCO) is a corporate executive within the C-suite responsible for overseeing and managing regulatory compliance issues within an organization. The CCO typically reports to the chief executive officer or the chief legal officer.
Financial crime is crime committed against property, involving the unlawful conversion of the ownership of property to one's own personal use and benefit. Financial crimes may involve fraud ; theft; scams or confidence tricks; tax evasion; bribery; sedition; embezzlement; identity theft; money laundering; and forgery and counterfeiting, including the production of counterfeit money and consumer goods.
Crime in Switzerland is combated mainly by cantonal police. The Federal Office of Police investigates organised crime, money laundering and terrorism.
The Enforcement Directorate (ED) is a law enforcement and economic intelligence agency of the Government of India. Established on May 1, 1956, it is responsible for enforcing economic laws and combating financial crimes. The ED operates under the Department of Revenue, Ministry of Finance, with its headquarters in New Delhi.
Corruption is an increasing issue across Canada. On Transparency International's 2023 Corruption Perceptions Index, Canada scored 76 on a scale from 0 to 100. When ranked by score, Canada ranked 12th among the 180 countries in the Index, where the country ranked first is perceived to have the most honest public sector. For comparison with worldwide scores, the best score was 90, the average score was 43, and the worst score was 11. For comparison with regional scores, Canada's score of 76 was the highest score among the countries of the Americas. Regionally, the average score was 43 and the lowest score was 13.
The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom. It operates independently of the UK Government and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom.
Corruption in Switzerland describes the prevention and occurrence of corruption in Switzerland.
The Garda National Economic Crime Bureau – informally known as the Fraud Squad – is a specialised division of Ireland's national police force, the Garda Síochána, that investigates economic crimes. The Bureau operates as part of the Garda Special Crime Operations branch and works alongside other sections of the force, as well as the external Office of the Director of Corporate Enforcement (ODCE), an agency tasked with investigating white-collar crime. The Economic Crime Bureau is responsible for the investigation of serious financial fraud and corruption. It was established in April 1996 and is based at Harcourt Square, Dublin 2. The GNECB is headed by an officer of Detective Chief Superintendent rank, who reports to the Assistant Commissioner of Special Crime Operations.
United States virtual currency law is financial regulation as applied to transactions in virtual currency in the U.S. The Commodity Futures Trading Commission has regulated and may continue to regulate virtual currencies as commodities. The Securities and Exchange Commission also requires registration of any virtual currency traded in the U.S. if it is classified as a security and of any trading platform that meets its definition of an exchange.
A Scottish limited partnership (SLP) is a form of limited partnership registered under Scots law. SLPs have features that give them advantages as investment vehicles and have been criticized for having inadequate anti-money laundering rules. Unlike other UK limited partnerships, SLPs have legal personality, which allows them to hold assets and enter into contracts in their own right.
The Sanctions and Anti-Money Laundering Act 2018 is an Act of Parliament of the United Kingdom applying to the United Kingdom.
The Economic Crime Act 2022 is an Act of Parliament of the United Kingdom, which expands provisions in relation to sanctions and financial crime, that was fast-tracked through Parliament in response to the 2022 Russian invasion of Ukraine.
