Global

Lessons from 1MDB

Members of the board of 1MDB — a Malaysian federal strategic investment fund — and top Malaysian government officials plus private citizens allegedly illegally syphoned and laundered billions from the fund. Here’s how they escaped controls and lined their pockets.

Dual citizenship, single focus

Lisa Osofsky views her dual citizenship as an advantage at the SFO. She’s worked in the anti-fraud private and public sectors, and in the U.S. and U.K. judicial and prosecutorial systems. She intends to use proactive techniques, global cooperation and the latest financial tools to make the U.K. an inhospitable environment for fraudsters.

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.

Canadian casino money laundering exposes greater fraud problems

A report on money laundering in Canadian casinos by drug-trafficking gangs exposes more than just gamblers showing up with bundles of $20 bills. Here’s a lesson for fraud examiners whose blinders might force them to focus on just one type of fraud.

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.

5 most scandalous fraud cases of 2018

The ACFE has found that large, noteworthy fraud cases — like Enron or Bernie Madoff — will live on in infamy and can provide valuable lessons for fraud fighters. That’s why we, along with input from our members, have selected these five stories of 2018 as the most scandalous frauds of 2018. We chose the stories based on money lost, lives impacted and relevance to the anti-fraud profession.

Journalist finds strength in numbers to keep truth alive

Pulitzer Prize-winning investigative journalist Bastian Obermayer isn’t afraid of investigating the global elite. He’s spent his career digging into the uncomfortable truths of Nazi war criminals, abusive Catholic priests and crooked politicians. Obermayer set into motion the largest collaborative event in the history of journalism when he initiated the Panama Papers. He’ll receive the ACFE’s Guardian Award and speak at the 30th Annual ACFE Global Fraud Conference in Austin, Texas, June 23-28.

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.