Financial Crime

 

Financial crime has become a multi-billion dollar global phenomenon with criminal methodologies adapting and changing faster than governments, legislators, enforcement agencies and businesses can keep up.

The term “Financial Crime” is used to describe a variety of criminal acts which usually includes, but is not limited to, the following list: theft, fraud, counterfeiting, forgery, tax evasion, insider trading (securities fraud), bribery, blackmail, extortion and money laundering.

Today, it is important to note that the legal fundamentals of financial crime have not really changed; however, what has, are the various ways many criminal gangs now operate. The advent of e-commerce, electronic banking and trading has made financial crime prevention and detection a far more complex task than it was, say, 10 or 15 years ago.

What should not be overlooked however, is that, businesses remain vulnerable to financial crimes not perpetrated by external gangs but by their own incumbent staff. These sorts of crimes are very common and are usually carried out either by rogue employees or occasionally by entire departments running scams due to lack of proper internal compliance controls and lax audit.

Government corruption, especially in emerging markets, is another serious source of financial crime. These crimes are often complex in nature and require delicate and expert handling to mitigate brand integrity risks, not to mention, serious financial losses.

Venovox has brought together a world-class team of experienced financial crime investigators and senior case managers capable of tackling all forms of financial crime. Our staff work closely with enforcement agencies across the globe as well as financial regulators and of course, our clients.