Tuesday 9 July 2019, Eversheds Sutherland, Birmingham UK.
Nicholas Ryder, University of the West of England (UWE), Bristol firstly highlighted the threat posed by terrorism financing and how fraud has become the funding avenue of choice.
An in-depth review of ‘Reverse Money Laundering’ process; money that starts out legitimate and grows “dirty” in its ultimate purpose. In other words, the utilisation of legal assets to carry out terrorist activities, which are often in the form of clean sources such as charitable organisations and legitimate business organisations.
The presentation evidenced the increased use of this funding stream and highlighted a few weaknesses in the United Kingdom’s counter-terrorism financing regime.
Next … Gary Billingham, CIFAS; how CIFAS frauds trends and CIFAS services are used to prevent and manage Financial Crime Risk. Through the course of the slides, the packed room of fraud & economic crime professionals got to see and hear further detail from the recent Fraudscape 2019 report.
Covering a wide range of topics in a short amount of time – including identity fraud within the Insurance sector and, Ghost Broking – he also touched on some of the more recent social engineering stories to make front page news.
Lastly … Allan Maund, Dains Forensic LLP; the, trials, tribulations, realities and risks as a Money Laundering Reporting Officer. Touching on some of the challenges facing Companies House and the Estate Agency market (for example, week-long crackdown on money laundering in the property industry by HMRC), an witty and thought provoking overview of ‘a day in the life of …’.
For more information on the Midland Fraud Forum Masterclass series, please contact them directly.
The Midlands Fraud Forum (MFF) aims to promote awareness of fraud issues and promote best practice in countering fraud educate everyone on effective fraud prevention measures. Fraud occurs in both private and public sectors and will continue to escalate until we join forces and combat it together.
