Criminal Capital: How the Finance Industry Facilitates Crime by Stephen Platt

By Stephen Platt

Within the first publication to reveal the position performed through the foreign monetary providers in facilitating crime and laundering legal estate, one of many world's major anti-financial crime experts scrutinises the vulnerability of banks, brokerages, belief businesses and funding money to felony abuse. observe: - How the finance permits corruption, drug trafficking, terrorism, human trafficking, proliferation, piracy and tax evasion - Why severe and hazardous behaviour correlates with the danger taking that toppled the worldwide economic system in 2008 - What measures could be taken to avoid criminals compromising the legitimacy of the worldwide economy analyzing the position of the normal energy condominium monetary centres in addition to offshore centres and swiftly rising overseas monetary centres within the heart East, Africa and Asia this hugely informative ebook demanding situations the reader to contemplate even if following the 2008 concern enough steps were taken to deal with poisonous behaviours in monetary providers or no matter if radical reform is required.

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A NEW MODEL OF MONEY LAUNDERING Designing a new model of money laundering requires trying to place ourselves inside the mind of a criminal. There we will see the desire to: 1. 2. 3. 4. Succeed in perpetrating a crime Avoid detection Benefit from the crime Retain the benefit of crime In short, criminals want to commit crimes, get away with them, and enjoy the proceeds of them. 5 The key to understanding the new model is to recognise that the finance industry can be exploited to help criminals achieve not just one but all four of the above objectives.

Each investment fund, which can either take the form of a company, a partnership, or a unit trust, operates through what are known as its functionaries – a custodian (responsible for exercising custody over the fund’s assets), an administrator (responsible for administering the fund), a manager (normally responsible for promotion), and an investment manager/adviser (the brains responsible for making investment decisions). Functionaries may stand in relation to a fund in the following manner: Investment manager Administrator Fund manager Assets $ Fund Investors Shares/ units Custodian CRIMINAL CAPITAL 44 Again perception plays an important part.

Some products and services (and by extension the businesses that offer them) are however inherently at greater danger of abuse by criminals than others because of the extent to which they empower criminals to achieve disconnects. What follows is not an exhaustive list of vulnerable products and services but a selection of those that I have most commonly witnessed during the course of investigations both on and offshore. The inclusion of each of the product and service types that follow should not be misinterpreted as suggesting that they are illegal or inherently toxic.

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