Global

Can economic sanctions lead to fraud?

Countries routinely use sanctions on nations to deter and penalize bad behavior. But what if economic restrictions cause criminals to seek the anonymity of alternative currencies? We possibly could see increases in fraud, money laundering and terrorism financing. Or not. The jury’s still out. Here’s what fraud examiners and law enforcement can do as nations move to their own parallel virtual and traditional monetary systems.

Middle East fraud and corruption enigma

Fabulous wealth, staggering poverty, political imbalances and ancient tribal cultures can worsen fraud and corruption. But some organizations and governments in the Middle East are beginning to take tougher stances.

Using data analytics to find fraud under those shells

Fraudsters increasingly are using shell companies to commit everything from asset misappropriation and money laundering to bribery and corruption schemes. Audit committees want fraud examiners to make sure their organizations aren’t victims. Here’s how to use fraud data analytics to sniff out illegal shells.

U.K.'s 'Unexplained Wealth Orders' puts teeth into money-laundering fight

The United Kingdom is a haven for dirty money. Some estimate that money launderers might be hiding 90 billion pounds per year — primarily through high-end real estate. The “Unexplained Wealth Orders,” introduced in 2018, might be stanching the flow.

Emerging markets conundrum

Organizations are expanding into promising emerging markets. But they’re often encountering market volatility, geopolitical risks, weakening currency and fluctuations, and complex local laws, which can cause fraud and corruption risks. Here’s how to avoid some pitfalls.

Spoofed emails enable purchase-order fraud

This case involved a Nigerian crime ring that stole Apple computers and devices by impersonating U.S. defense officials. Make sure purchase orders pass the “smell test,” and call agencies to confirm.

Jewelry magnate on the run after fraud exposed

Nirav Modi supposedly was one of the richest men in India. He came from a respected family and had close connections to the government. Could he really have pulled off a huge banking fraud to finance his business ventures?

South Asia follows parallel roads of burgeoning economy and escalating fraud

It’s a familiar story. A country or region finally is prosperous, but inevitably fraud and corruption increase. Here are some infamous South Asian cases and ways the region has battled what affluence wrought.

U.S. Navy corruption on the high seas

The $35 million “Fat Leonard” corruption scandal threatens to decimate an entire generation of experienced U.S. Navy officers. What unfolds is the rise and fall of the defense contractor who bought off Navy brass with meals, liquor, women and bribes.

Africa needs solid education to fight fraud

When corruption thrives and dirty money is kept in offshore accounts, Africa’s high levels of poverty remain. How do we reverse the trend? The solution lies in reviving countries’ primary educational standards and increasing fraud awareness and education.

Nordic nations' corruption fight remains strong

A recurring theme of scandals bringing down Iceland prime ministers illustrates citizens’ intolerance toward corruption. Yet are attitudes, protests and political repercussions enough to reverse the trend of worsening corruption in Iceland and other Nordic nations?

Are the prices of cryptocurrencies being manipulated?

Investors and regulators are concerned that cryptocurrencies are highly susceptible to price manipulation. This danger is particularly pronounced for the hundreds of small, thinly traded “altcoins” that have popped up in the wake of the success of bitcoin and Ethereum. In February, the Commodities Futures Trading Commission (CFTC) issued an advisory warning investors that these small virtual currencies are targets for pump-and-dump schemes.