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Fraud in times of pandemic
The new pandemic has taken its toll on the world and certainly changed the way members of society fundamentally interact with each other. From life in general to the finest details of everyday life, everything changed in 2020. From these changes, criminals were no exception. They have used their ingenuity to adapt to these new times and develop new methods of scamming people. Times of uncertainty create the perfect context for creating new fraud schemes that usually affect the most vulnerable of us.
During the last year, many financial institutions have issued warnings about new risks and implications that could emerge during the COVID-19 pandemic, especially through financial crime. In an interview from April 2020, the president of FATF had said that national authorities and international bodies are alerting citizens and businesses of these scams, which include impostor, investment, and product scams, as well as insider trading in relation to COVID-19. L
How signatures in public data helped expose the UK’s dirty money cottage industry
Combining public data with leaked FinCEN reports, ICIJ’s data team plotted a matrix of shadowy straw men who filed false accounts worth more than $4.5 billion. February 10, 2021
Deep inside the FinCEN Files, a cache of more than 2,600 secret documents, lies a data story within a data story.
Early in 2020, while the world was gripped by a deadly pandemic, the ICIJ data team was digging into the accounts of hundreds of shell companies filed with Companies House, the United Kingdom’s company registration office.
This foray into public data was part of ICIJ and BuzzFeed News’ FinCEN Files investigation, which would eventually expose how some of the world’s biggest banks were at the center of a sprawling global money laundering industry. Reporting by more than 100 media partners showed how trillions of dollars of suspicious wire funds flowed through the banks, sometimes years before
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WASHINGTON, Jan 3 A major avenue for global money laundering and tax evasion has been closed off by a new law requiring disclosure of owners of US shell companies used to hide billions of dollars. The Corporate Transparency Act was included in the US defence appropriations bill passed into law.