Jun ’22 – Aug ’22

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Issue: Vol. 21 No. 3


From the Editor

Tying the Pieces of Collaboration Together

One of my fondest memories of growing up in a small town was the service projects and community collaborations that took place to further a common goal of improving the town or enriching someone’s life. My mom used to take me to quilt-tying parties. This is where a bunch of people get together, have a potluck and work on tying quilts laid out on quilt frames.

Inside this Edition

DNA and the BSA

Deoxyribonucleic acid (DNA) made radical changes to law enforcement (LE) investigative strategies, originally facing the resistance to change ideas so commonly ingrained in our bureaucracies. However, that resistance was successfully countered by the similar susceptibility to popular culture, also steeped in our politics. Television shows like “CSI: Crime Scene Investigation” and similar LE programs and movies made DNA nearly a mandatory consideration in many LE investigative strategies to solve crimes.

Ponzi Scheme: A Never-ending Global Battle

During the last few decades, fraud schemes have flourished one after another due to uncertain economic conditions. Throughout the years, people in financial hardship continue to fall victims to both large and small scams. Fraud and financial crimes are prevalent in today’s global economy and come in various forms. One such fraud scheme is the Ponzi scheme.

The Work Left Undone

Over the greater part of the past decade, anti-money laundering (AML) professionals have seen a parabolic rise in collaboration, via variations of public-private partnerships (PPP) to mitigate unique predicate offenses. Many of these offenses are not typically thought of when considering traditional financial crimes, but all of them impact the present-day communities in which financial institutions (FIs) operate.

Risk and Effects on the Economy Through a Unique Lens

Underground financial markets are avenues that offer a shadow banking system. Billions of transactions pass through these channels daily. Due to the advancement of technology, many criminals use this methodology to facilitate their legal and illegal enterprises by means of underground and/or cyber transactions. Even innocent members of the public can get caught unwittingly in criminal schemes through their use of technology.

Increased Focus on Human Trafficking Calls for More Public-private Collaboration

There is an unprecedented interest in the private sector’s role in anti-human trafficking efforts today. The Russian invasion of Ukraine and the COVID-19 pandemic have brought concerns about human trafficking (HT) to the forefront amid sensitivity to displaced persons and vulnerable workforces. These factors—combined with a growing public interest in environmental, social and governance (ESG) issues such as socially responsible investing—underscore an increased awareness in anti-human trafficking efforts.

Fighting Fraud in the 2020s: All Hands on Deck for the Crime of the Century

Police agencies have come a long way when it comes to financial crime investigations and the importance put on these cases. Although not necessarily considered a top five job to most officers, its importance is starting to show in almost every investigation. Financial crime investigators now work alongside organized crime, drug enforcement, homicide and anti-terrorist teams across the globe.

Detecting and Reporting Organized Retail Crime

Organized retail crime (ORC) is tempting to transnational criminal organizations due to its low-cost, high-value nature. In the U.S., jails are overcrowded, and instances of theft are becoming increasingly decriminalized; therefore, it can be an attractive revenue stream for criminal organizations.