Money Laundering: The Latest Tips for Criminal Justice Professionals

Money Laundering: The Latest Tips for Criminal Justice Professionals
Duration: 60 Minutes
Module 1Module 1
Recorded on: 2024-02-21
Unit 1Presentation Materials: Money Laundering: The Latest Tips for Criminal Justice Professionals
Unit 2Transcript: Money Laundering: The Latest Tips for Criminal Justice Professionals
Unit 3Workbook: Money Laundering: The Latest Tips for Criminal Justice Professionals
Unit 4Recording: Money Laundering: The Latest Tips for Criminal Justice Professionals

From age-old tactics of bulk cash smuggling to contemporary methods involving technology as seen in NFTs or ransomware, Money Laundering remains to hound law enforcement. This session provides an introductory course on money laundering, the different methods by which it is facilitated, and ways to mitigate it.

Leading the discussion is Marilyn B. Peterson. She has 25 years of experience as a law enforcement analyst and 35 years of experience developing and teaching intelligence analysis. She currently teaches IALEIA’s Advanced Financial Analysis Seminar, facilitates the Walters Intelligence Management Seminar, and has authored and edited many books in the field. She currently teaches at the Merrimont University and Empire State University in New York.

Specifics of the presentation include:

  • Why eradicating money laundering and crime is not entirely achievable.
  • What is money laundering and how it transforms illegal gains into seemingly legitimate funds.
  • Findings from the United States 2024 National Money Laundering Risk Assessment that highlighted methods of money laundering that threaten the US landscape, its features, and the amount that each of these accounts for.
  • The major illegal money sources in money laundering: Counterfeiting, narcotics, human trafficking, and fraud.
  • The three phases of traditional money laundering.
    • Placement where money is put into a financial institution to turn it into non-currency.
    • Layering where the monies are moved across individuals, accounts, and institutions to create a complicated trail.
    • Integrating where the money that has gone through the layers is deemed “clean” and used to purchase assets.
  • The Bank Secrecy Act created in 1970 to combat money laundering and debates of whether the threshold established must be updated.
  • A rundown of current laundering methods and their indicators.
    • Bulk currency smuggling, which remains a primary method for money laundering globally, and its means to avoid detection.
    • The art and antiquities market, leveraging its subjective valuations as a complex channel for laundering money as evidenced by multi-million dollar sales of famous artworks.
    • Ransomware extortion, a prevalent and lucrative cybercrime linked to Russia and North Korea, and the different ways this is executed.
  • Alternatives to currency offering launderers diverse ways to conceal illicit funds due to their varying levels of traceability and regulation such as diamonds, gold, prepaid cards, and virtual assets.
  • Innovative laundering trends such as cuckoo smurfing and cyber pig butchering that exploit the financial system and personal relationships to move and legitimize illegal money.
  • The concept of beneficial ownership, which is a part of the Corporate Transparency Act aimed to enhance transparency and combat the use of shell companies for money laundering.
  • How real estate transactions involving significant cash payments are put under scrutiny through the Geographic Targeting Order to prevent laundering.
  • Trade-based laundering leveraged by drug wholesalers to wash drug sales.
  • Non-fungible tokens (NFTs) and Bitcoin that represent modern and complex challenges in the fight against money laundering, highlighting the need for adaptive regulatory responses.
  • Easily implementable steps to mitigate money laundering through due diligence and compliance with reporting requirements.

Questions from the webinar attendees are about:

  • Identifying and serving search warrants on money remitters.
  • Reporting limit for money transfers.
  • Training and resources on virtual currency.
  • Effective law enforcement strategies against fraud.
  • Proportion of fraud leading to prosecution.
  • Social media platforms and scams.
  • Laundering process with art purchase.
  • Use of virtual currency platforms by law enforcement.

 

Click here to view and register for other upcoming Law Enforcement webinars and recordings on the JCH Platform.

 

Audience Comments

  • “Great 101 course. I was expecting it to be a little more in-depth. I was familiar with most of the content.”
  • “This was a basic overview of financial crimes.”
  • “Great webinar! Very informative.”

 

 


The International Association of Law Enforcement Intelligence Analysts (IALEIA) is a professional organization formed in 1981 that focuses on enhancing the quality and effectiveness of law enforcement intelligence analysis. IALEIA provides a platform for members to exchange knowledge, ideas, and best practices in intelligence analysis, as well as to receive training and education to improve their skills. The organization also promotes ethical standards and supports the use of intelligence analysis in decision-making processes in law enforcement and related fields. IALEIA aims to advance the field of intelligence analysis by providing a forum for collaboration and innovation among analysts worldwide. For more information, visit www.IALEIA.org.

 

 

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