Trade Based Financial Crime Volume Two: Beyond "Trade Based Money Laundering" (The Vortex Centrum Financial Crime Risk and Compliance Library)

"Trade Based Money Laundering" is the entry level approach to a much bigger and much more important subject: Trade Based Financial Crime. Financial Crime and commercial activity are intertwined. While there is a simplistic view that the financial sector and law enforcement should concentrate on money laundering in trade, that is far, far from the reality: to consider the financial crime risk and compliance aspects. The starting point in any assessment of risk in commercial activity is not to understand the criminal abuses, but to understand the commercial activity. In this way, the abnormal is more likely to stand out. That's what Trade Based Financial Crime, in three volumes does. To concentrate on money laundering is to look at the issues ex post facto. That is why we are seeing efforts, albeit ham-fisted, in most cases, to create regimes to prevent fraud, bribery and other financial crimes. It's taken a while but the pendulum has begun to swing back and attention is now being paid to the underlying criminal conduct. Building on the commercial activity, the opportunities for abuse can be seen and, because of that, financial crime risk and compliance officers are shown avenues for their Know Your Customer and Customer Due Diligence processes both at the time of customer acquisition and during the business relationship. Also, and equally importantly, when trade-based financial crime is the primary focus, efforts can be channelled to prevention, protecting companies, their owners and officers and customers from, for example, fraud. How are criminals putting your company under threat? This three part volume will help you identify and intercept those threats before they become reality. ====== Nigel Morris-Cotterill has been a financial crime risk and compliance strategist since 1994 and before that was a solicitor in private practice in London. -------------------------