Catching Mice
The Bernie Madoff self-declared Ponzi scheme and other massive investment frauds are wreaking havoc on investment firms and individuals across the globe. While a case against him is being constructed in the United States, other countries – including the United Kingdom – will examine all possible avenues in order to prosecute the man (and his accomplices, once their identities are known) who squandered the life savings of so many investors.
One possible avenue available to authorities is the use of anti-money laundering legislation (see attached article). Once defrauded funds are transferred to the account of the fraudster it can be proven that money laundering has occurred. Within capital markets, the paper trail of such a transformation of the proceeds of crime is usually well documented.
The Bernie Madoff self-declared Ponzi scheme and other massive investment frauds are wreaking havoc on investment firms and individuals across the globe. While a case against him is being constructed in the United States, other countries – including the United Kingdom – will examine all possible avenues in order to prosecute the man (and his accomplices, once their identities are known) who squandered the life savings of so many investors.
One possible avenue available to authorities is the use of anti-money laundering legislation (see attached article). Once defrauded funds are transferred to the account of the fraudster it can be proven that money laundering has occurred. Within capital markets, the paper trail of such a transformation of the proceeds of crime is usually well documented.
“It doesn’t matter if a cat is black or white, as long as it catches mice.”
Deng Xiao Ping
Paramount Leader of the Peoples Republic of China
1904-1997
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