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FFIRS 04/12/2011 11:22:48 Page4 FFIRS 04/12/2011 11:22:48 Page1 Money Laundering Prevention Deterring, Detecting, and Resolving Financial Fraud JONATHAN E. TURNER JohnWiley&Sons,Inc. FFIRS 04/12/2011 11:22:48 Page2 Copyright#2011byJonathanE.Turner.Allrightsreserved. PublishedbyJohnWiley&Sons,Inc.,Hoboken,NewJersey. PublishedsimultaneouslyinCanada. Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,or transmittedinanyformorbyanymeans,electronic,mechanical,photocopying, recording,scanning,orotherwise,exceptaspermittedunderSection107or108of the1976UnitedStatesCopyrightAct,withouteitherthepriorwrittenpermission ofthePublisher,orauthorizationthroughpaymentoftheappropriateper-copyfee totheCopyrightClearanceCenter,Inc.,222RosewoodDrive,Danvers,MA01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com. RequeststothePublisherforpermissionshouldbeaddressedtothePermissions Department,JohnWiley&Sons,Inc.,111RiverStreet,Hoboken,NJ07030,(201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions . LimitofLiability/DisclaimerofWarranty:Whilethepublisherandauthorhaveused theirbesteffortsinpreparingthisbook,theymakenorepresentationsorwarranties withrespecttotheaccuracyorcompletenessofthecontentsofthisbookand specificallydisclaimanyimpliedwarrantiesofmerchantabilityorfitnessfora particularpurpose.Nowarrantymaybecreatedorextendedbysales representativesorwrittensalesmaterials.Theadviceandstrategiescontained hereinmaynotbesuitableforyoursituation.Youshouldconsultwitha professionalwhereappropriate.Neitherthepublishernorauthorshallbeliablefor anylossofprofitoranyothercommercialdamages,includingbutnotlimitedto special,incidental,consequential,orotherdamages. Forgeneralinformationonourotherproductsandservicesorfortechnical support,pleasecontactourCustomerCareDepartmentwithintheUnitedStatesat (800)762-2974,outsidetheUnitedStatesat(317)572-3993,orfax(317)572-4002. Wileyalsopublishesitsbooksinavarietyofelectronicformats.Somecontentthat appearsinprintmaynotbeavailableinelectronicbooks.Formoreinformation about Wiley products, visit our web site at www.wiley.com. LibraryofCongressCataloging-in-PublicationData Turner,JonathanE.,1969- Moneylaunderingprevention:deterring,detecting,andresolvingfinancial fraud/JonathanTurner. p.cm. Includesindex. ISBN978-0-470-87475-2(hardback);ISBN978-1-1180-8668-1(ebk); ISBN978-1-1180-8669-8(ebk);ISBN978-1-1180-8675-9(ebk) 1. Moneylaundering—Prevention. I. Title. HV6768.T882011 0 658.473—dc22 2011007525 PrintedintheUnitedStatesofAmerica. 10 9 8 7 6 5 4 3 2 1 FFIRS 04/12/2011 11:22:48 Page3 Thisbookisdedicatedto Kristen,Sarah,andAlex, inappreciationoftheirlove, support,encouragement,and formakingeverythingpossible. FFIRS 04/12/2011 11:22:48 Page4 FTOC 04/12/2011 11:27:49 Page5 Contents Preface xi Acknowledgments xix CHAPTER1 UnderstandingtheProcessofMoney Laundering 1 WhatIsMoneyLaundering? 1 MoneyLaunderingDefined 2 WhyDoPeopleLaunderMoney? 4 TheMoneyLaunderingCycle 6 MoneyLaunderingIsaCriminalBusiness 10 MoneyLaunderingIsGlobal 11 MoneyLaunderersAdaptTechnology 13 TheRoleofTechnology 14 TheRoleofBanks 15 TheRoleofNations 17 RegionalHotspots 18 TheBirthoftheFinancialAction TaskForce(FATF) 20 Conclusion 22 CHAPTER2 MotivationsforGettingInvolved 23 InvolvementIsPersonal 23 PeopleWeightheOddsofSuccess 24 WhereDoLaunderedFundsComeFrom? 26 TheImpactofCorruption 27 v FTOC 04/12/2011 11:27:49 Page6 Contents WhyIsCorruptionIncreasing? 28 CorruptionAlwaysBeginsSmall 30 BriberyandCorruptionofYourEmployees 31 BriberyandCorruptionbyYourEmployees 33 EvolutionofGovernmentAttitudes 34 OfficialCorruptionImpactsIndividual Corruption 35 TaxEvasionasaGatewayto MoneyLaundering 36 MovingfromTaxestoCriminalActivity 37 TheRiseofRegionalandMultinational AMLOrganizations 38 TheConnectionbetweenFraudand MoneyLaundering 40 MoneyLaunderingasaDo-It-Yourself Activity 42 TheServiceProviders:Bankers, Accountants,andLawyers 42 Conclusion 45 CHAPTER3 MechanismsforMovingMoney 47 MoneyLaunderingRequiresMovement throughtheSystem 47 BrokenWindowsEncourageOtherCrimes 48 LookLocal,ThinkGlobal 49 ExpandingInternationalRequirements 51 FinancialHavensAreExpanding 52 MoneyLaunderingIsaGrowthIndustry 53 LawEnforcementGetsaBigBoost 54 ProfitDrivesCriminalActivity 56 StructuringtheSchemetoSucceed 57 WhyUseaBank,WhenYouCanOwnOne? 58 LearningfromtheBigFraudSchemes 59 ConfrontingtheInevitable 60 vi FTOC 04/12/2011 11:27:49 Page7 Contents BalancingSecurityandCost 61 EffectiveFraudPreventionStrategies 62 TheFraudTriangle 63 WheretoStart 64 MitigatingImproperBehavior 67 Conclusion 68 CHAPTER4 GoingGlobal 71 TakingMoneyaroundtheWorld 71 MovingtheMoneyOffshore 72 AvoidingDetection 74 HistoricalBasisforMoneyLaundering 75 RoleofPrivateBanking 76 EnhancedRegulations 77 TheBlackMarketPesoExchange 79 IncreasingCooperationinRegulation 80 RegionalDistinctions 81 GlobalEfforts 83 TheLawEnforcementFocus 84 Conclusion 87 CHAPTER5 TechnologyandTomorrow 89 TheImpactofTechnology 89 TheNextPhaseofMoneyLaundering 91 EverythingOldBecomesNewAgain 92 BeingAnybodyYouWanttoBe 93 WelcometotheFuture 94 SoWhatIstheAMLResponse? 94 EvolutionofAMLControls 96 AdjustingtoRapidlyIncreasingScale 97 AHighlyFlexibleMethodologyResults inProcessesthatAreDifficulttoStop 99 AMLIsaProcess,NotaDestination 100 vii FTOC 04/12/2011 11:27:49 Page8 Contents AllCountries’RegulatoryPrograms AreNotEqual 101 TechnologyandOffshoreHavensIntersect 103 TheCostvs.theBenefit 104 ConsiderthePaceofChangeandProgress 105 Conclusion 106 CHAPTER6 DiscoveryandPrevention 109 EarlyWarningIsEssentialtoAML 109 ProactiveMeansActive 110 BytheNumbers 111 ParadigmShift 112 TestingYourOwnAMLSystems 114 ExpandingtheBusinessComparison 115 TheRegulatoryFramework 116 High-RiskAreas 117 MoneyLaunderingMeetsTerror Financing 119 HidinginPlainSight 121 CriminalizingtheConcealment Activities 122 CreatingFinancialFronts 124 KeepingtheMoneyMoving 125 KeepingtheTaxManHappy 126 Conclusion 128 CHAPTER7 TerrorFinancing 131 TerroristsUseMoneyLaundering Techniques 131 SimilaritiesandDistinctions 132 ApplicationoftheMethodology toTerrorFinancing 133 GlobalImpactofFinancialCrimes 135 AlternativeLaunderingMechanisms 137 viii

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FFIRS 04/12/2011 11:22:48 Page4 FFIRS 04/12/2011 11:22:48 Page1 Money Laundering Prevention Deterring, Detecting, and Resolving Financial Fraud JONATHAN E. TURNER JohnWiley&Sons,Inc. FFIRS 04/12/2011 11:22:48 Page2 Copyright#2011byJonathanE.Turner.Allrightsreserved. PublishedbyJohnWiley&Sons,Inc.,Hoboken,NewJersey. PublishedsimultaneouslyinCanada. Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,or transmittedinanyformorbyanymeans,electronic,mechanical,photocopying, recording,scanning,orotherwise,exceptaspermittedunderSection107or108of the1976UnitedStatesCopyrightAct,withouteitherthepriorwrittenpermission ofthePublisher,orauthorizationthroughpaymentoftheappropriateper-copyfee totheCopyrightClearanceCenter,Inc.,222RosewoodDrive,Danvers,MA01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com. RequeststothePublisherforpermissionshouldbeaddressedtothePermissions Department,JohnWiley&Sons,Inc.,111RiverStreet,Hoboken,NJ07030,(201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions . LimitofLiability/DisclaimerofWarranty:Whilethepublisherandauthorhaveused theirbesteffortsinpreparingthisbook,theymakenorepresentationsorwarranties withrespecttotheaccuracyorcompletenessofthecontentsofthisbookand specificallydisclaimanyimpliedwarrantiesofmerchantabilityorfitnessfora particularpurpose.Nowarrantymaybecreatedorextendedbysales representativesorwrittensalesmaterials.Theadviceandstrategiescontained hereinmaynotbesuitableforyoursituation.Youshouldconsultwitha professionalwhereappropriate.Neitherthepublishernorauthorshallbeliablefor anylossofprofitoranyothercommercialdamages,includingbutnotlimitedto special,incidental,consequential,orotherdamages. Forgeneralinformationonourotherproductsandservicesorfortechnical support,pleasecontactourCustomerCareDepartmentwithintheUnitedStatesat (800)762-2974,outsidetheUnitedStatesat(317)572-3993,orfax(317)572-4002. Wileyalsopublishesitsbooksinavarietyofelectronicformats.Somecontentthat appearsinprintmaynotbeavailableinelectronicbooks.Formoreinformation about Wiley products, visit our web site at www.wiley.com. LibraryofCongressCataloging-in-PublicationData Turner,JonathanE.,1969- Moneylaunderingprevention:deterring,detecting,andresolvingfinancial fraud/JonathanTurner. p.cm. Includesindex. ISBN978-0-470-87475-2(hardback);ISBN978-1-1180-8668-1(ebk); ISBN978-1-1180-8669-8(ebk);ISBN978-1-1180-8675-9(ebk) 1. Moneylaundering—Prevention. I. Title. HV6768.T882011 0 658.473—dc22 2011007525 PrintedintheUnitedStatesofAmerica. 10 9 8 7 6 5 4 3 2 1 FFIRS 04/12/2011 11:22:48 Page3 Thisbookisdedicatedto Kristen,Sarah,andAlex, inappreciationoftheirlove, support,encouragement,and formakingeverythingpossible. FFIRS 04/12/2011 11:22:48 Page4 FTOC 04/12/2011 11:27:49 Page5 Contents Preface xi Acknowledgments xix CHAPTER1 UnderstandingtheProcessofMoney Laundering 1 WhatIsMoneyLaundering? 1 MoneyLaunderingDefined 2 WhyDoPeopleLaunderMoney? 4 TheMoneyLaunderingCycle 6 MoneyLaunderingIsaCriminalBusiness 10 MoneyLaunderingIsGlobal 11 MoneyLaunderersAdaptTechnology 13 TheRoleofTechnology 14 TheRoleofBanks 15 TheRoleofNations 17 RegionalHotspots 18 TheBirthoftheFinancialAction TaskForce(FATF) 20 Conclusion 22 CHAPTER2 MotivationsforGettingInvolved 23 InvolvementIsPersonal 23 PeopleWeightheOddsofSuccess 24 WhereDoLaunderedFundsComeFrom? 26 TheImpactofCorruption 27 v FTOC 04/12/2011 11:27:49 Page6 Contents WhyIsCorruptionIncreasing? 28 CorruptionAlwaysBeginsSmall 30 BriberyandCorruptionofYourEmployees 31 BriberyandCorruptionbyYourEmployees 33 EvolutionofGovernmentAttitudes 34 OfficialCorruptionImpactsIndividual Corruption 35 TaxEvasionasaGatewayto MoneyLaundering 36 MovingfromTaxestoCriminalActivity 37 TheRiseofRegionalandMultinational AMLOrganizations 38 TheConnectionbetweenFraudand MoneyLaundering 40 MoneyLaunderingasaDo-It-Yourself Activity 42 TheServiceProviders:Bankers, Accountants,andLawyers 42 Conclusion 45 CHAPTER3 MechanismsforMovingMoney 47 MoneyLaunderingRequiresMovement throughtheSystem 47 BrokenWindowsEncourageOtherCrimes 48 LookLocal,ThinkGlobal 49 ExpandingInternationalRequirements 51 FinancialHavensAreExpanding 52 MoneyLaunderingIsaGrowthIndustry 53 LawEnforcementGetsaBigBoost 54 ProfitDrivesCriminalActivity 56 StructuringtheSchemetoSucceed 57 WhyUseaBank,WhenYouCanOwnOne? 58 LearningfromtheBigFraudSchemes 59 ConfrontingtheInevitable 60 vi FTOC 04/12/2011 11:27:49 Page7 Contents BalancingSecurityandCost 61 EffectiveFraudPreventionStrategies 62 TheFraudTriangle 63 WheretoStart 64 MitigatingImproperBehavior 67 Conclusion 68 CHAPTER4 GoingGlobal 71 TakingMoneyaroundtheWorld 71 MovingtheMoneyOffshore 72 AvoidingDetection 74 HistoricalBasisforMoneyLaundering 75 RoleofPrivateBanking 76 EnhancedRegulations 77 TheBlackMarketPesoExchange 79 IncreasingCooperationinRegulation 80 RegionalDistinctions 81 GlobalEfforts 83 TheLawEnforcementFocus 84 Conclusion 87 CHAPTER5 TechnologyandTomorrow 89 TheImpactofTechnology 89 TheNextPhaseofMoneyLaundering 91 EverythingOldBecomesNewAgain 92 BeingAnybodyYouWanttoBe 93 WelcometotheFuture 94 SoWhatIstheAMLResponse? 94 EvolutionofAMLControls 96 AdjustingtoRapidlyIncreasingScale 97 AHighlyFlexibleMethodologyResults inProcessesthatAreDifficulttoStop 99 AMLIsaProcess,NotaDestination 100 vii FTOC 04/12/2011 11:27:49 Page8 Contents AllCountries’RegulatoryPrograms AreNotEqual 101 TechnologyandOffshoreHavensIntersect 103 TheCostvs.theBenefit 104 ConsiderthePaceofChangeandProgress 105 Conclusion 106 CHAPTER6 DiscoveryandPrevention 109 EarlyWarningIsEssentialtoAML 109 ProactiveMeansActive 110 BytheNumbers 111 ParadigmShift 112 TestingYourOwnAMLSystems 114 ExpandingtheBusinessComparison 115 TheRegulatoryFramework 116 High-RiskAreas 117 MoneyLaunderingMeetsTerror Financing 119 HidinginPlainSight 121 CriminalizingtheConcealment Activities 122 CreatingFinancialFronts 124 KeepingtheMoneyMoving 125 KeepingtheTaxManHappy 126 Conclusion 128 CHAPTER7 TerrorFinancing 131 TerroristsUseMoneyLaundering Techniques 131 SimilaritiesandDistinctions 132 ApplicationoftheMethodology toTerrorFinancing 133 GlobalImpactofFinancialCrimes 135 AlternativeLaunderingMechanisms 137 viii

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"A how-to guide for the discovery and prevention of the illegal transfer of money Written for the private sector--where most money laundering takes place--this book clearly explains shows business professionals how to deter, detect, and resolve financial fraud cases internally. It expertly provides
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