Global

Bernardin Assiene, CFE

Bernardin Assiene, CFE, found his passion for fighting fraud when he was tasked to investigate a financial fraud in the fuel distribution network at a major multinational American oil company in 1998. “The experience I gained and the lessons I learned shaped the rest of my career,” he says.

Global review and update

Fraud moves like waves globally — disrespecting borders and nationalities. However, regions often have common crimes and recurring problems. Here’s a review of some of what we’ve covered since the column’s inception in 2018 plus recent developments.

The truth about the dark web fraud trade

The dark web is often seen as a mysterious and malevolent creature — built out of the myths and legends created by popular media and clickbait headlines. In reality, the dark web is home to a vibrant and thriving criminal ecosystem with a resilient fraud trade at the center of the action. Here’s what fraud examiners should know when they enter the underbelly of the internet.

The EU whistleblower protection directive

On Oct. 7, the EU adopted a legal framework aimed at providing a comprehensive EU approach to whistleblower protection. Starting in 2021, all 28 EU member states will have to meet minimum standards as provided by the EU Whistleblower Protection Directive. Here’s some background of the current landscape and some of the main elements of the new law.

Stepping up and standing out

When ACFE Founder and Chairman Dr. Joseph T. Wells, CFE, CPA, stepped up to the podium at the 30th Annual ACFE Global Fraud Conference in Austin in June, the ACFE’s accumulated history accompanied him. As he accepted his induction into the ACFE Hall of Fame, he received it as a representative of the thousands who, but for his foresight, probably never would’ve received fraud examination education and skills.

Illegal wildlife trade in southern Africa facilitated via fraud

Poachers and hunters are committing fraud to enable slaughter of big game in southern Africa and shipping their trophies — or horns and tusks — over borders. One CFE is valiantly working to reverse the accelerating carnage and corruption.

Drafting ISO 37002 — new global standard on whistleblowing management systems

The International Organization for Standardization (ISO) is developing new guidelines for whistleblowing management systems — ISO 37002. These international standards are scheduled for completion by the end of 2021. This article describes the background of ISO 37002, its scope and its added value for organizations around the globe.

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.