Fraudsters ignore country boundaries. "Fraud is becoming an international crime," says Joseph T. Wells, CFE, CPA, founder and Chairman of the ACFE. "Most Fortune 1000 countries have international subsidiaries, he says. Individual fraud schemes frequently involve the fraud occurring in one country and the proceeds of the crime being hidden in another. Anything that we can do to share information and make laws uniform will help."
The ACFE is helping by establishing the European Council on Occupational Fraud and Abuse (ECOF), Wells says. The ECOF's purpose is to encourage cooperation between European business and government to study the problem of fraud and make recommendations to curb its enormous economic threat. The ECOF is establishing councils in Austria, Bulgaria, Czech Republic, Denmark, Germany, Hungary, Italy, Luxembourg, The Netherlands, Poland, Portugal, Switzerland, and Turkey, with many more to come.
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