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Case Studies

The following cases have principally been drawn from the Typologies Reports published by the FATF during the period 1997 - 2004. These are available from the FATF website www.fatf-gafi.org. Additional cases published by the Egmont Group of Financial Intelligence Units can be obtained from the SOCA website www.soca.gov.uk publications.

Exchange transaction relates to laundered drug money and diamond smuggling

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Money transfers

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Failure of due diligence aids a potentially corrupt PEP

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Private banker helps conceal suspects illegal proceeds

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Correspondent banking, wire transfers facilitate transactions by shell companies

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Charity used to finance terrorism

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High account turnover indicates fraud allegedly used to finance terrorist organisation

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Front for individual with suspected terrorist links revealed by suspicious transaction report

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Simple transactions found to be suspect

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Terrorists collect funds from lawful sources

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Lawyers, real estate

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Lawyers

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Accounting firm

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Laundering the proceeds of fraud through the diamond market

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Silver and gold smuggling

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Front companies

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Front companies, insurance and bureaux de change

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Shell companies and Corporate Service Providers

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Shell corporations

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Company front - false loans scheme

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Criminal funds laundered through payment of insurance premiums

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Insurance policies and real estate

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Investment of fraudulent funds in the securities market

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Criminal cash proceeds placed through margin trading

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The derivatives market: a typology

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Underground banking activity revealed through large turnover in small business

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Alternative remittance systems - supported by import/export activity

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Alternative remittance systems laundering cash from the sale of narcotics

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Alternative remittance systems use of retail outlets

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Bureaux de change

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Cross border cash

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Payments structured to avoid detection

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Use of a bureau de change and bank accounts under false names

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Laundering through temporary bank accounts Facts

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Use of bank safety deposit boxes

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Launderers recruit individuals for the use of their bank account

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Money laundering/terrorist financing activities

The techniques used by money launderers constantly evolve to match the sources and volume of funds to be laundered, and the legislative/regulatory/law enforcement environment of the market place in which the money launderers operate. read more


 
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