financial crimes – Atos Victims Group http://atosvictimsgroup.co.uk/ Fri, 18 Mar 2022 10:10:09 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://atosvictimsgroup.co.uk/wp-content/uploads/2021/05/default1.png financial crimes – Atos Victims Group http://atosvictimsgroup.co.uk/ 32 32 Canada is a prime location for financial criminals to settle: new report https://atosvictimsgroup.co.uk/canada-is-a-prime-location-for-financial-criminals-to-settle-new-report/ Fri, 18 Mar 2022 10:10:09 +0000 https://atosvictimsgroup.co.uk/canada-is-a-prime-location-for-financial-criminals-to-settle-new-report/ On the same day the federal government imposed sanctions on 15 Russian officials, a new report found that Canada’s impeccable reputation and weak transparency laws have made it a hotbed for transnational tax evaders and criminals to create front companies. Ads for offshore consultants describe Canada as “by far one of the best neutral jurisdictions, […]]]>

On the same day the federal government imposed sanctions on 15 Russian officials, a new report found that Canada’s impeccable reputation and weak transparency laws have made it a hotbed for transnational tax evaders and criminals to create front companies.

Ads for offshore consultants describe Canada as “by far one of the best neutral jurisdictions, offering offshore advantages without any of the traditional offshore disadvantages,” according to the report, which was released March 16. It was sponsored by Canadians for Tax Fairness, Transparency International Canada and Publish What You Pay Canada.

A Russian-translated ad in the report recommends taking advantage of Canada’s positive overall image to “use more complex structures” and “legal tax optimization.”

The report does not link any Russian oligarchs to shell companies in Canada due to the country’s lack of transparency over ownership data, but financial crime expert Vanessa Iafolla said she “would absolutely not be surprised” if such was the case.

“I can’t imagine anyone in Canada would be happy to know…that we’re an attractive country for illegal foreign capital flows or tax evasion,” Iafolla said, adding that the information shared in the ad and similar ones “should be a wake-up call to the federal government.

“I don’t imagine the federal government is happy with Canada’s reputation as a great place to hide Russian oligarchs’ money,” she said.

Vanessa Iafolla is an assistant professor at St. Mary’s University and principal at Antifraud Intelligence Consulting. Photo by Richard Agecoutay / Radio-Canada

In Canada, private companies can be anonymously owned, created and managed from abroad without any connection to the country, according to the report. Owners are not required to file tax returns or even submit identification, and this information is neither verified nor publicly available.

The report’s main recommendation to address these shortcomings is that the federal government accelerate its promise to implement a publicly accessible beneficial ownership registry by 2025 to better “catch those trying to launder money, evading taxes or committing other complex financial crimes. .”

The crisis in Ukraine and the recent sanctions Canada has imposed on Russian officials underscore the need for a registry to be put in place quickly, said James Cohen, executive director of Transparency International Canada. Canadian National Observer.

Canada’s impeccable reputation and weak transparency laws have made it a hotbed for tax evaders and transnational criminals looking to set up shell companies, a new report reveals. #TaxHaven #TaxEvasion #CdnPoli #MoneyLaundering

“We impose sanctions on these kleptocrats to try to pressure them to end the war… [but] it will be very difficult to know what assets are actually in Canada without beneficial ownership transparency,” he said.

Cohen said he hoped the war would be over before Canada had the registry in place, which he said could be done by the end of the year if priority was given.

To be most effective, Cohen says the registry should be open to the public, free of charge, so everyone from ordinary people to business owners to law enforcement can use it at will. Canada also needs to learn from the mistakes of the UK, which introduced a beneficial ownership register in 2016. It was one of the first countries in the world to do so, but there was no requirement data verification, which led people to download unwanted data. , Cohen said.

It’s also important that provinces and territories follow the federal government’s lead and create their own registries to combat money laundering and tax evasion, the report said.

At a time when the world has turned its attention to limiting the power of the oligarchs, Canada is still part of the problem, said NDP Tax Fairness and Inequality Critic Niki Ashton, but federal and provincial governments have the power to correct course and close reduce tax evasion as soon as possible.

The report confirms that Canada’s current systems “are largely exploited by the wealthiest among us and only enrich them”, she added.

“Our tax laws are outdated, both federally and provincially, and Canada is being used and abused when it comes to hiding money overseas and engaging in transnational crimes.”

Although all eyes are on Russia right now, Cohen notes that ads for Canada were often also in English or Mandarin, and that money laundering comes from countries around the world as well as from here in Canada.

“Financial crime and tax evasion are very abstract and not particularly sexy topics for public discussion,” Iafolla said. “But these are really important topics for us as a society, because if you want to have a strong economy…in which people can afford both housing and bills…those questions need to be answered.

“It’s not just that we let crooks do business here…it’s that what we’re doing undermines the integrity of the Canadian financial system. This is something that could further endanger Canada’s economy.

Periodically, “big moments” like the Panama Papers or the current crisis in Ukraine will expose these issues, but then the news cycle continues and people forget, Iafolla said.

“We now have the opportunity to shed light on people who want to bring money here and, if they are not supposed to have money here, to find a way to get rid of it,” he said. she declared. “This can only be good for Canada in the long run.”

Finance Minister Chrystia Freeland’s office did not respond to requests for comment from Canadian National Observer by deadline. Conservative Shadow Finance Minister Ed Fast and Shadow Deputy Finance and Middle Class Prosperity Minister Adam Chambers also did not respond to requests for comment.

Natasha Bulowski / Local Journalism Initiative / Canadian National Observer

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EU votes against Bitcoin ban but drafts sustainability rules https://atosvictimsgroup.co.uk/eu-votes-against-bitcoin-ban-but-drafts-sustainability-rules/ Tue, 15 Mar 2022 17:21:42 +0000 https://atosvictimsgroup.co.uk/eu-votes-against-bitcoin-ban-but-drafts-sustainability-rules/ The European Parliament rejected a regulatory proposal that would have essentially banned Bitcoin. The controversial proposal was part of the Crypto Asset Markets (MiCA) framework, which was first proposed in 2020 to provide legislation governing digital assets. A last-minute addition to the bill was made over the weekend that would have effectively banned proof-of-work-based cryptocurrencies […]]]>

The European Parliament rejected a regulatory proposal that would have essentially banned Bitcoin. The controversial proposal was part of the Crypto Asset Markets (MiCA) framework, which was first proposed in 2020 to provide legislation governing digital assets.

A last-minute addition to the bill was made over the weekend that would have effectively banned proof-of-work-based cryptocurrencies like Bitcoin due to concerns about how it uses energy. Proof of work is an incredibly energy-intensive process that is required to validate transactions and add new blocks to the Blockchain. Its environmental impact has come under scrutiny time and time again, and for good reason.

According to Cambridge Center for Alternative Finance , Bitcoin networks account for 95.45 terawatt hours per year. In simple terms, this means that Bitcoin consumes more energy each year than more than half of the countries in the world on an individual basis.

Read more:Martin Lewis urges everyone to check gas and electricity meters on March 31

This knowledge has driven people like Tesla to abandon Bitcoin and gives ammunition to countries like China that have chosen to enact a blanket ban. Ethereum is only marginally better, but developers are trying to move it to a more power-efficient proof-of-stake (PoS) model, but progress has been slow.

Europe has so far refused to go that far in banning crypto, but the settlement proposal is still moving forward without this additional proposal. The bill, which should provide EU member states with a regulatory framework for digital assets by 2025, is currently being discussed by the European Commission, the Council of the European Union and the European Parliament.

As well as debating how to make bitcoin more sustainable by reducing its carbon footprint (MPs call on the European Commission to classify crypto-asset mining in the EU taxonomy for sustainable activities by 2025 ), this bill will provide much-needed legislation to a wild audience. western industry.

Currently, cryptocurrencies are not under the control of central banks or public authorities, which means that the EU cannot legislate them. This deregulation is what makes cryptocurrencies attractive to many investors, but can also lead to “consumer protection and financial stability risks”, according to the European Parliament.

Cryptocurrency scams are commonplace. Massive losses of $770 million due to social media rackets were reported to the FTC in 2021.

In an attempt to protect consumers and safeguards against such “market manipulation and financial crimes“, MEPs voted for a uniform legal framework for crypto-assets. The bill will be put to a vote next week.

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Send us back the PDP Mandate – The Sun Nigeria https://atosvictimsgroup.co.uk/send-us-back-the-pdp-mandate-the-sun-nigeria/ Sun, 13 Mar 2022 03:30:24 +0000 https://atosvictimsgroup.co.uk/send-us-back-the-pdp-mandate-the-sun-nigeria/ From Tony John, Port Harcourt rivers State Governor Nyesom Wike yesterday in Port Harcourt called on Ebonyi State Governor David Umahi to return the party to the mandate he won on the platform of the Peoples Democratic Party (PDP). Governor Wike made this request at the inauguration of the eastern bypass road in Port Harcourt. […]]]>

From Tony John, Port Harcourt

rivers State Governor Nyesom Wike yesterday in Port Harcourt called on Ebonyi State Governor David Umahi to return the party to the mandate he won on the platform of the Peoples Democratic Party (PDP).

Governor Wike made this request at the inauguration of the eastern bypass road in Port Harcourt.

He said it was rather unfortunate that instead of appealing the court’s judgment that removed him, Governor Umahi retaliated by making reckless statements attacking the judge.

“Watch a governor make a reckless statement just because a judge made a judgment of his own opinion, which you have the right to appeal all the way to the Supreme Court.

“You called someone a thief in the market and you say I’m sorry. It’s late. Sorry, we members of the public are not taking it,” Wike said.

He pointed out that it was the first time in Nigeria’s political history that a governor’s defection to another party was challenged in court.

He said the DPP’s decision to challenge the defection of the governor and other elected officials on its platform should be seen as a clear example of what is needed to strengthen democracy.

Governor Wike pointed out that it was members of the PDP who took Governor Umahi to court asking him for the party’s mandate.

He said, “If our party did this earlier when people were leaving for the National Assembly, we wouldn’t have had the problem we have today.

“This is one of the problems of the party leadership. People can’t come out and take the bull by the horns. So, Governor Umahi, rest assured that PDP will pursue this case all the way to the Supreme Court. We will continue the case. »

He said it is no longer acceptable for someone to win an election and move on with the victory to another party for fear of escaping a visit from the Economic and Financial Crimes Commission (EFCC).

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“You carry the voices of another party and join another party. Can you transfer votes? You work hard to get someone to win the election and tomorrow the person will say I defected.

“If you’ve defected, leave the seat if you know it’s easy. And that will defeat most of these political prostitutes who will never sit in one place,” he said.

The Governor of Rivers State also hit the Deputy Governor of Edo State, Philip Shaibu, who had spoken in a strange way against the PDP.

Wike said he had written to the party’s national chairman and explained why a disciplinary committee should be set up against the deputy governor, who he said lost his district in the last election.

“That’s what I’m talking about, impunity. I was watching when a Deputy Governor ranted in the media, threatening the party that there is an alternative to the PDP.

“This is the same Deputy Governor who knelt down to beg us to give them an umbrella. Today he has the brazenness to threaten PDP,” he said.

He also chastised the Niger Delta Development Commission (NDDC) for reneging on its agreement to contribute 50% of the cost of the construction of the eastern bypass road that leads to its headquarters in Port Harcourt.

During the inauguration of the road project, the former Governor of Kogi State, Idris Ibrahim, noted with joy the tireless implementation of projects by Governor Wike in virtually all sectors to provide a quality life for the people. residents of Rivers.

According to him, such a measure of service in the public service is a proof of transparency and accountability, as the people can see how public resources are deployed for the good of all residents.

He affirmed that the entire leadership of the PDP recognizes and takes pride in the quality of service provided by Wike, who has become a worthy example of what political leadership should be in Nigeria.

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Global fraud detection and prevention market to reach $46.4 billion by 2026 https://atosvictimsgroup.co.uk/global-fraud-detection-and-prevention-market-to-reach-46-4-billion-by-2026-2/ Fri, 11 Mar 2022 15:25:00 +0000 https://atosvictimsgroup.co.uk/global-fraud-detection-and-prevention-market-to-reach-46-4-billion-by-2026-2/ What’s new for 2022? Global competitiveness and percentage market shares of main competitors Market presence in multiple geographies – Strong/Active/Niche/Trivial Peer-to-peer collaborative online interactive updates Access to our digital archives and the MarketGlass research platform Free updates for one year Editing: 8; Published: February 2022Executive Pool: 23986Companies: 80 – Players covered include ACI Worldwide Inc.; […]]]>

What’s new for 2022?

  • Global competitiveness and percentage market shares of main competitors
  • Market presence in multiple geographies – Strong/Active/Niche/Trivial
  • Peer-to-peer collaborative online interactive updates
  • Access to our digital archives and the MarketGlass research platform
  • Free updates for one year

Editing: 8; Published: February 2022
Executive Pool: 23986
Companies: 80 – Players covered include ACI Worldwide Inc.; BAE Systems plc; Cacco Inc.; Cybersource Corporation; DXC Technology Company; Equifax Inc.; Experian plc; Fair Isaac Corporation; Feedzai Inc.; Fiserv, Inc.; Global Payments Inc.; IBM Corporation; LexisNexis Risk Solutions Group; NICE Ltd. ; Oracle Corporation; RSA Security LLC; SAP SE; SAS Institute Inc.; Software AG and others.
Blanket: All major geographies and key segments
segments: Component (Solutions, Services); Enforcement (payment fraud, money laundering, identity theft, other enforcement); Vertical (BFSI, Retail & eCommerce, IT & Telecom, Government & Defense, Healthcare, Industrial & Manufacturing, Other Verticals)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; India; South Korea; Rest of Asia Pacific; Latin America; Brazil; Rest of Latin America; Middle East; Africa.

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ABSTRACT-

Global fraud detection and prevention market to reach $46.4 billion by 2026
The global fraud detection and prevention market is heading for impressive gains owing to the increase in fraud incidents and sophistication coupled with a continued focus on utilizing the latest technologies to detect in a timely manner fraudulent activity. A fraud represents an illegal act aimed at obtaining data or identifying information from consumers for specific gains, mainly monetary. Fraud detection and prevention solutions are software applications that offer sophisticated analytical tools to detect and prevent fraud in real time. These tools analyze data from different sources to identify abnormal patterns by detecting trends, transactions and suspicious situations. Fraud detection and prevention tools verify user identities, maintain data integrity, and prevent unauthorized access to data. These platforms have attracted considerable attention in recent years due to increasing digitalization, the popularity of online or internet banking, the advent of cloud services and the growing sophistication of fraud. Growing concerns about the high number of fraud incidents and the associated significant loss of revenue for organizations are creating new avenues for fraud detection and prevention solutions.

Amid COVID-19 crisis, Global Fraud Detection and Prevention Market estimated at US$28.3 billion in 2022, is expected to reach a revised size of US$46.4 billion by 2026, growing at a CAGR of 14.8% over the analysis period. Solutions, one of the segments analyzed in the report, is expected to grow at a CAGR of 13.8% to reach US$30.6 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Services segment is readjusted to a revised CAGR of 16.4% for the next 7-year period. This segment currently accounts for a 36.5% share of the global fraud detection and prevention market. Market growth is aided by financial crimes, cyber attacks and digital frauds which make it extremely difficult for businesses to grow while maintaining consumer confidence. The popularity of digital payments, online banking, e-commerce and cross-border transactions has led to an increase in cases of identity theft, payment fraud and data breaches, prompting organizations to invest in fraud detection and prevention solutions.

The US market is estimated at $9.5 billion in 2022, when China is expected to reach $8.4 billion by 2026
The fraud detection and prevention market in the United States is estimated at US$9.5 billion in 2022. The country currently accounts for a 34.22% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of US$8.4 billion in 2026 with a CAGR of 18.7% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 11.5% and 13.4% respectively over the analysis period. In Europe, Germany is expected to grow around 13.5% CAGR while the rest of the European market (as defined in the study) will reach US$9.5 billion at the end of the analysis period.

The market is expected to benefit from the growing adoption of emerging technologies such as the ongoing shift towards cloud-based fraud detection platforms. The cloud-based approach is quickly emerging as a mainstream trend due to its ability to secure internet access, storage space, enhanced processing power, and rapid tracking of online cyberattacks. The market is also benefiting from the growing implementation of IoT devices, with the number of IoT-connected devices surpassing 23 million by 2020. Fraud prevention in embedded devices and platforms IoT analysis is gaining acceptance across industries and organizations. The increasing use of AI and ML techniques for detecting fraudulent activities is another significant trend in the market for fraud detection and prevention solutions. ML has proven effective in identifying fraudulent attack patterns. Big Data and ML are integrated with AI-enabled technologies to reduce the risk of known and unknown bank frauds. Continued

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About Global Industry Analysts, Inc. and StrategyR™
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Fraud victims lose £28,000 to bank transfer scams every hour https://atosvictimsgroup.co.uk/fraud-victims-lose-28000-to-bank-transfer-scams-every-hour/ Wed, 09 Mar 2022 06:00:00 +0000 https://atosvictimsgroup.co.uk/fraud-victims-lose-28000-to-bank-transfer-scams-every-hour/ Only about £2 out of £5 lost to convincing scams is refunded, Which? found, with victims forced to swallow £495million in losses, which equates to losing £4.7million a week, or £677,000 a day. The group’s Rocio Concha said banks should reimburse victims more in cases where they had done nothing wrong, saying existing rules on […]]]>

Only about £2 out of £5 lost to convincing scams is refunded, Which? found, with victims forced to swallow £495million in losses, which equates to losing £4.7million a week, or £677,000 a day.

The group’s Rocio Concha said banks should reimburse victims more in cases where they had done nothing wrong, saying existing rules on reimbursements were “unfair” and applied “inconsistently”.

These scammers trick victims into pretending to be someone else in need. Examples include:

  • Scammers posing as police officers need help with criminal investigations
  • Family members, such as children needing money abroad
  • Employers or creditors requesting that payments be redirected to different accounts
  • Love interests online claiming they need money.

The downsides are often elaborate, long-lasting, and involve life-changing sums of money. These fraud losses increased by 71% in the first half of 2021, exceeding the amount of money stolen by card fraud for the first time.

Basically, because the victims are made to take an active role in the fraud, it is much more difficult for them to recover their money than for other types of financial crimes, such as cases of bank account hacking or theft of credit card. .

This means that banks and financial institutions can more easily deny compensation and claim customer negligence.

A voluntary code of conduct on fraudulent refunds, introduced in 2019, forces banks to pay where they could have done more to prevent crime. However, not all providers are registered and many have been found to wrongly withhold payments.

The wire transfer watchdog, the payments system regulator, said in December it wanted to make refunds for innocent victims compulsory, with the Treasury pledging to legislate new rules “as soon as possible. “.

Ms Concha said it was “vital” that the laws were passed as soon as possible.

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US Department of Justice Calls on New Cryptocurrency Czar | Crypto News https://atosvictimsgroup.co.uk/us-department-of-justice-calls-on-new-cryptocurrency-czar-crypto-news/ Thu, 17 Feb 2022 22:18:12 +0000 https://atosvictimsgroup.co.uk/us-department-of-justice-calls-on-new-cryptocurrency-czar-crypto-news/ The Justice Department has appointed a veteran cybersecurity prosecutor to lead a new team dedicated to investigating and prosecuting illicit cryptocurrency schemes by cybercriminals and nation states, including North Korea and the United States. Iran. Eun Young Choi will serve as the first director of the National Cryptocurrency Enforcement Team, which will serve as a […]]]>

The Justice Department has appointed a veteran cybersecurity prosecutor to lead a new team dedicated to investigating and prosecuting illicit cryptocurrency schemes by cybercriminals and nation states, including North Korea and the United States. Iran.

Eun Young Choi will serve as the first director of the National Cryptocurrency Enforcement Team, which will serve as a focal point for efforts to identify and dismantle the misuse of cryptocurrencies and other digital assets, it announced Thursday. Deputy Attorney General Lisa Monaco.

“If we want to see – as I think we will – cryptocurrency grow in popularity and be adopted more widely, we need to make sure that the ecosystem they operate in is trustworthy and, frankly, can be controlled. Monaco said in an interview. “We’re going to do our best to sue them, get those profits back and make them realize they can’t hide.”

The $2 trillion cryptocurrency market has exploded as companies and investors seek to reap higher returns and gain a foothold in technology considered still in its infancy.

Prosecutors and regulators are racing to figure out how to control this space – along with the market for other digital assets such as non-fungible tokens – which has become a new frontier for criminals and rogue nations to steal and launder billions of dollars. through anonymous channels like blockchain. transactions, encryption and digital wallets.

Illicit transactions jumped nearly 80% to $14 billion, an all-time high, in 2021, according to blockchain analytics firm Chainalysis. Still, crime accounted for a much smaller share of total crypto trading volume, which has grown significantly over the past year, the company said.

One of the main goals of the new team will be to eradicate illegal activities on virtual currency exchanges as well as cryptocurrency tumbler or mixing services, which are used to hide contaminated funds, Choi said in an interview.

Known among her colleagues as “EYC”, Choi most recently served as Monaco’s senior adviser on cybersecurity issues. The crypto team is housed within the department’s criminal division and has more than a dozen experienced prosecutors who plan to hire more staff.

“We’re trying to centralize so that we’re a one-stop shop of all subject matter experts within the department,” said Choi, 41.

When the creation of the crypto team was announced in October, Monaco said a key goal would be to take legal action against cryptocurrency exchanges and other entities that break the law and aid the movement of illicit financing. The team would add support to current probes while pursuing new ones.

Although Choi did not identify any exchange by name, Bloomberg News previously reported that the Department of Justice and the Internal Revenue Service are investigating whether Binance Holdings Ltd., the world’s largest crypto trading platform, is a conduit for money laundering and tax evasion.

Choi said his team caters to crypto companies that have strong anti-money laundering policies and strong compliance programs, as well as blockchain analytics companies.

“The information they hold is crucial to stamping out the abuse of cryptocurrencies because they are the ones who can see suspicious activity in their own systems that may be occurring,” she said.

In a sign of the scale of the challenge facing US law enforcement, the Justice Department this month seized a bitcoin worth around $3.6 billion that was stolen during a a 2016 hack, the largest financial seizure ever. Additionally, the US Marshals Service – which is the primary custodian of seized assets for the department – ​​was in possession of $919 million in 22 different cryptocurrencies at the end of 2021.

Experienced Prosecutor

Choi’s appointment comes after years spent chasing hacks and crypto attacks.

In one of her first major cases, she led the successful 2014 hacking suit against JPMorgan Chase & Co., which saw hundreds of millions of dollars stolen by hackers and conspirators in more than a dozen of country. She also argued the appeal in the case against Ross Ulbricht, the founder and chief administrator of the now closed Silk Road underground virtual drug bazaar.

“What his appointment shows is that cryptocurrency is truly at the intersection of complex financial investigations, cybersecurity, anti-money laundering, drug trafficking and cross-border law enforcement. “, said Edward Imperatore, who was a colleague of Choi in the cybercrime unit of the United States Attorney’s Office in Manhattan. “She has experience in each of those areas.”

As cryptocurrencies become more mainstream, the potential for wrongdoing has grown exponentially. Crypto fraud now affects a wide range of activities, including financial crimes, corruption, narcotics deals, ransomware attacks, hacking attacks, money laundering, terrorist financing and sanctions evasion , Choi said.

Choi’s team will lead the department’s efforts to coordinate with U.S. and international law enforcement agencies, regulators and private industry. It will also enhance the criminal division’s existing efforts to provide support and training to federal, state, local and international law enforcement agencies.

The Federal Bureau of Investigation also plans to announce the creation of a new Virtual Assets Operating Unit on Thursday.

“It will be important for us to have a united front to try to figure out what tools and authorities we all bring to this approach on digital assets,” Choi said.

There are, however, tensions between private companies dealing with crypto and what the department does.

Companies are concerned that justice and regulatory agencies are taking a heavy-handed approach to enforcement, according to a former federal prosecutor who asked to remain anonymous when speaking about the relationship between private companies and the department.

US agencies have struggled for years to get companies to disclose hacking attacks and cyber vulnerabilities. These private sector victims feared that such reports would put them in the crosshairs of prosecutors or that there would be a regulatory backlash. But US officials have expressed hope that they have turned a corner in recent years, particularly through successful efforts to help companies recover stolen funds.

In addition to this month’s bitcoin seizure in the Bitfinex hack case, last year the US recouped almost all of the bitcoin ransom money paid to perpetrators of a cyberattack on Colonial Pipeline Co. .which triggered a fuel shortage along the US East Coast.

(Updates with comment from former colleague in 17th paragraph)

–With help from Allyson Versprille, Tom Schoenberg and Christian Berthelsen.

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Briton jailed for 11 years over Bar Works scam that trapped dozens in UAE https://atosvictimsgroup.co.uk/briton-jailed-for-11-years-over-bar-works-scam-that-trapped-dozens-in-uae/ Thu, 03 Feb 2022 05:05:34 +0000 https://atosvictimsgroup.co.uk/briton-jailed-for-11-years-over-bar-works-scam-that-trapped-dozens-in-uae/ A British fraudster was sentenced to 11 years in prison on Tuesday for a financial scam that claimed more than 800 victims, including several dozen in the United Arab Emirates. In addition to the prison sentence, James Moore, 60, was sentenced to three years of probation, forfeiture of $1,599,257.46 and a fine of $50,000. Moore […]]]>

A British fraudster was sentenced to 11 years in prison on Tuesday for a financial scam that claimed more than 800 victims, including several dozen in the United Arab Emirates.

In addition to the prison sentence, James Moore, 60, was sentenced to three years of probation, forfeiture of $1,599,257.46 and a fine of $50,000.

Moore must repay his victims $57,579,790 in a restitution order issued by the court for the Southern District of New York, the district attorney’s office said in a press release.

He was convicted of wire fraud and wire fraud conspiracy in 2019 for his role in start-up Bar Works, which offered companies shared office space in trendy renovated bars and restaurants.

Dozens of UAE residents were among hundreds of victims around the world who invested in what prosecutors called a “Ponzi scheme on steroids”.

Moore knew this was a Ponzi scheme on steroids, designed to extract as much money as possible as quickly as possible before collapsing. Moore did not stay for the collapse; he raised $1.6 million before doing it again with a copycat project

Damian Williams, American lawyer

New York prosecutors say Moore teamed up with Renwick Haddow, another Briton, to recruit agents to raise more than $50 million from investors.

“James Moore has teamed up with notorious fraudster Renwick Haddow to engineer a massive Ponzi scheme that has attracted hundreds of unsuspecting investors from around the world,” US attorney Damian Williams said on Tuesday.

“Moore and its affiliates misappropriated 65% of the investments of each of their recruited victims.

“Moore then obstructed justice and lied about the scheme to federal agents. Today’s lengthy sentence sends a clear message that perpetrators of investment fraud will be prosecuted and held accountable.”

Mr Williams said Moore knew Bar Works was a “Ponzi scheme on steroids”, designed to extract as much money as possible as quickly as possible before collapsing.

“They did not hesitate”

“Moore didn’t stay for the collapse; it raised $1.6 million before starting afresh with a project to invest in a copious coworking space,” Williams said.

“Far from being discouraged by Haddow’s story, Moore saw the opportunities for massive profits and sought to join him.

“And although it was obvious from the start that Bar Works could only support itself with money from new investors, Moore had no hesitation in expanding the Ponzi scheme and later copying the idea. .”

Bar Works coworking spaces have been rented publicly with an annual fee. Investors were told they would receive an annual return of 14-16%.

Over 800 victims were enticed to invest from UAE, Thailand, Saudi Arabia, Indonesia, UK, Singapore, Russia, USA, Portugal, Qatar, Spain, Jordan, Oman and Hong Kong.

Who are the two men behind Bar Works?

Moore offered a seemingly legitimate alternative at the helm of the company to Haddow, who was already serving an eight-year ban from the UK director for fraudulent activity.

Moore and Haddow knew each other well. In 2009, they were partners in a hotel fractional interest selling program called Room to Invest.

Like Haddow’s many other lucrative projects, it also fell apart.

The two met regularly in Miami and Dubai, with Moore guesting at Haddow’s wedding.

The pair then struck a deal for Bar Works in 2015, with Moore claiming a 35% stake for his role in providing a front for the operation and an extensive network of agents through the United Property Group (UPG).

Moore and UPG would collectively get 65% of every dollar injected into Manhattan-based Bar Works by recruited investors.

That left only 35% for Haddow’s cut, annual interest payments of 14-16% that were guaranteed to the investor for ten years, and the supposed actual operation of the Bar Works business.

This left the program doomed, which it did in June 2017.

Moore went behind Haddow’s back to launch a competing coworking space investment program in the summer of 2016.

Our Space has sold projects in Dubai, Marbella, New York, Birmingham and Miami, and attracted $30 million in funding.

This decision led to a breakdown in the partnership between the co-conspirators.

Arrest in Morocco

Haddow, 51, fled to Morocco when the Bar Works scam came to light, but was arrested in Tangier and extradited to the United States in 2018, where he is in jail awaiting sentencing.

Federal prosecutors have asked a New York judge to consider the damage caused to investors by Moore’s deception as many lost savings.

“The respondent’s decision to join the program was not a one-time error or a passing error in judgment,” they said.

“Time and time again, Moore has made conscious choices to continue to facilitate fraud on countless individual victims and to cover up his fraud with lies and deceit.

“The defendant robbed hundreds of real people… [and] caused tens of millions of dollars in damage. His sentence should reflect the reality of the pain he caused.

Moore’s legal team disagreed with the $57 million restitution order and requested a reduction to $7.5 million – the amount invested by a group directly solicited by Moore.

Prosecutors said Moore should be held responsible for the total losses because he was inherently involved in the larger scam.

‘Jonathan Black’ pseudonym concealed convicted fraudster

Haddow’s name was omitted from all Bar Works Inc marketing material and replaced with the fictitious Jonathan Black to mask his involvement.

A fake LinkedIn page for Black added to a veil of authenticity.

Co-conspirator Savraj ‘Sam’ Gata-Aura was jailed for four years in 2020 for his role in the global scheme which offered investment units in Istanbul, New York, San Francisco and London.

Prosecutors estimated that Gata-Aura, 35, made $3 million from the scam, soliciting $10 million in funds from around 80 investors with fictitious claims about the company’s performance.

Rather than paying investors the promised monthly returns, Bar Works instead repaid previous investors from new deposits in a classic Ponzi scheme model.

James Moore and Renwick Haddow masterminded a Ponzi scheme worth tens of millions of dollars.  Haddow has not yet been sentenced

US Attorney Geoffrey Berman said the gang would be held responsible for the “blizzard of lies” told to their victims.

According to the United States Securities and Exchange Commission (SEC), Moore received at least $1.5 million in commission for pushing Bar Works investments through a network of agents.

Haddow, 53, pleaded guilty on May 23, 2019, to one count of wire fraud and wire fraud conspiracy related to the Bar Works scheme.

Haddow also admitted one count of wire fraud and wire fraud conspiracy regarding a separate investment plan involving Bitcoins. Haddow’s sentencing is scheduled for April 8.

Haddow faces a maximum prison sentence of 40 years and is expected to be sentenced in April.

Dubai-based expat ‘cheated out of $50,000’

Several real estate agents in Dubai lured victims into the scam, who lost hundreds of thousands of dollars.

It is not believed that there have been any charges brought by the police at this stage.

One of the Emirati victims of Bar Works was South African Kevin Heard, who lost $50,000 after investing through an agent in Dubai, where he worked as a consultant in December 2016.

“I was introduced by an agent and invested in two co-working spaces in New York City,” said Mr. Heard, a father of two.

“I had been in Dubai for five years and was working hard with an idea to save money so we could move to the UK.

“The money was substantial and losing it caused quite a bit of friction in my marriage and contributed to our breakup.”

Mr Heard was promised a 25% raise after two years and was supposed to receive monthly interest payments, but that stopped after just a few months.

He tried to complain to the agent who sold the investment, but he had left the country.

The United States Attorney’s Office in New York said it was working to recover funds from Bar Works in a number of foreign jurisdictions.

Although a court order for the restitution of the millions lost by the victims is in place, the recovery of funds is not guaranteed.

Restitution payments depend on the defendant’s income and assets, with most victims of financial crimes receiving only partial restitution.

“The money the agents made from those sales should have been returned to us,” Mr Heard said.

“We were told that they had incurred the costs themselves and that they had worked for their money.

“But it had a huge impact on the families. It takes years of hard work to save that kind of money and puts a lot of stress and strain on relationships.

“For a while I thought I was dreaming and it wasn’t real. The reality is that the money is gone.

Updated: February 3, 2022, 7:09 a.m.

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Child abuse victim waited over 1,000 days for justice as her trial was delayed twice https://atosvictimsgroup.co.uk/child-abuse-victim-waited-over-1000-days-for-justice-as-her-trial-was-delayed-twice/ Sat, 29 Jan 2022 17:57:34 +0000 https://atosvictimsgroup.co.uk/child-abuse-victim-waited-over-1000-days-for-justice-as-her-trial-was-delayed-twice/ Exclusive: The case was reported to the police in March 2019 but the trial was called off twice at the last minute. Last month the pedophile was convicted of two counts of sexually assaulting a 10-year-old girl The lawsuit was called off twice at the last minute (file photo) ( Image: Alamy Photo) A victim […]]]>

Exclusive:

The case was reported to the police in March 2019 but the trial was called off twice at the last minute. Last month the pedophile was convicted of two counts of sexually assaulting a 10-year-old girl

The lawsuit was called off twice at the last minute (file photo)

A victim of child abuse waited over 1,000 days to see her abuser convicted.

The case was reported to the police in March 2019 but the trial was called off twice at the last minute.

Last month, the pedophile was finally convicted of two counts of sexually assaulting a 10-year-old girl in London and jailed for four years.

This is just one example of how victims of crime are facing record waits for justice.

The abused girl’s father told The Sunday People: ‘We can see why girls and women drop sexual abuse cases, the process is flawed.

Last year, the average time from offense to conviction was 708 days, nearly two years, nearly double what it was in 2014.

But adult rape victims must wait 1,500 days or more than four years, according to the lawyers’ group Criminal Bar Association.







Anna McMorrin said ‘justice delayed is justice denied’
(

Picture:

Getty Images)

Barely half of rape cases are brought to court compared to seven years ago and they take twice as long from indictment to conclusion.

Although Covid has caused a huge backlog in the justice system, lawyers blame a decade of government cuts to police, CPS and court staff for most of the problems and say criminal lawyers are quitting en masse.

The delays mean some defendants are being released – such as a man accused of raping two children whose case had dragged on for nearly six years. He was cleared in September when an accuser withdrew from the trial. She told authorities, “I felt betrayed.

“The investigation has been going on for a very long time. I feel broken.

Her lawyer said: “If we had had a trial within two years, I believe she would have supported the prosecution. We need lawyers to prosecute and defend and courtroom space. We have neither.

Jo Sidhu QC, chairman of the Criminal Bar Association, said: “It is the victims of crime who are paying the price for a decade of cuts. They are traumatized by the initial offense and then find themselves with punitive expectations before hope for closure.

Shadow Victims Minister Anna McMorrin said: ‘Justice delayed is justice denied.’

Labor says there are 48 rape cases waiting to be heard in Crown Courts for more than two years, triple the number in 2020.

Financial crimes come second only to sexual crimes pending trial.

Solicitor Sundeep Soor, from Nottingham, was dismayed when told a money laundering trial at Leeds Crown Court would have to wait until 2025.

He said: ‘My client was 21 at the time of the alleged offense in 2016. He would then be 30 and his life has been put on hold. Even before Covid there was an 18 month wait. It started with the cuts.

The Department of Justice said: “We are revising our response to rape and increasing funding for support services. We are also recruiting 20,000 police officers, introducing new justice scorecards and increasing court capacity so victims get justice faster.

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SAS Tops Aite’s Matrix of AML Fraud and Machine Learning Platforms https://atosvictimsgroup.co.uk/sas-tops-aites-matrix-of-aml-fraud-and-machine-learning-platforms/ Thu, 27 Jan 2022 15:03:00 +0000 https://atosvictimsgroup.co.uk/sas-tops-aites-matrix-of-aml-fraud-and-machine-learning-platforms/ What sets SAS apart as a best-in-class leader in Aite’s matrix of machine learning #fraud and #AML platforms? Find. Tweet that Ease of implementation and integration. From novice to expert user, SAS® Financial Crimes Analytics “gives analytics team members of all skill levels a simple, powerful, and automated way to manage all tasks in the […]]]>
  • Ease of implementation and integration. From novice to expert user, SAS® Financial Crimes Analytics “gives analytics team members of all skill levels a simple, powerful, and automated way to manage all tasks in the advanced analytics lifecycle,” the report states, adding that “ SAS’s adaptive learning capability enables customer data scientists or data analysts to create custom machine learning models themselves.”
  • Superior model performance. The SAS solution “enables large off-the-shelf machine learning applications as well as automated ML”, providing “robust model explainability and interpretability” while helping to ensure “high model performance through continuous model monitoring as well as identification when models require retraining.”
  • Excellent support and advisory services. “Customers are satisfied with the performance of the solution and the ease of integration with existing technology ecosystems,” the report concludes, noting use cases in the market covering “machine learning models for fraud. application and identity, payment fraud (such supporting functions as scoring for risk identification and mitigation), dynamic segmentation, scenario override, alert scoring for prioritization and hibernation.”

The Aite-Novarica Group is renowned for its extensive expertise in all sub-sectors of the financial services industry. Its proprietary vendor evaluation methodology includes an in-depth, product-focused RFI comprised of qualitative and quantitative questions, followed by a product briefing and demonstration and an independent evaluation of customer references. .

“SAS lives up to its strong reputation for fraud analytics and AI,” said Chuck Subrt, Director of the Fraud and AML Practice of the Aite-Novarica Group. “The SAS Financial Crimes Analytics solution is feature-rich and intuitive, with a roadmap that includes strong integration of robotic processing automation to increase efficiency and a cloud-native architecture that uses open source analytics and leverages the containers. More broadly, SAS’s vision is to create an enterprise intelligence platform that enables high-performance advanced analytics and delivers actionable insights throughout the customer journey. »

“A recent study of AML technology by ACAMS found that financial institutions are accelerating their adoption of advanced analytics to improve the quality of their investigations and regulatory filings and reduce operational costs through automation,” said declared David Stuart, Director of Financial Crimes and Compliance at SAS. “This recognition from the Aite-Novarica Group is gratifying, as it not only relates to SAS’s industry-leading analytics, but underscores that we have the expertise and experience in the area of ​​financial crimes to help clients scale and evolve according to their changing needs.

In a crowded and growing market, SAS is the only vendor analysts consider a leader in the areas of fraud and financial crime analysis, case management, decision making, data and data science. Learn more about SAS analyst recognition and its customers’ various online use cases for anti-money laundering and fraud analysis.

About SAS
SAS is the leader in analytics. Through innovative software and services, SAS empowers and inspires customers around the world to turn data into intelligence. SAS gives you THE POWER TO KNOW®.

SAS and all other SAS Institute Inc. product or service names are either registered trademarks or trademarks of SAS Institute Inc. in the United States and other countries. ® indicates United States registration. Other brand and product names are trademarks of their respective companies. Copyright © 2022 SAS Institute Inc. All rights reserved.

SAS editorial contact:
Danielle M. Bates
[email protected]
919-531-1959
sas.com/news

SAS SOURCE

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Challenges Pakistan Overcame https://atosvictimsgroup.co.uk/challenges-pakistan-overcame/ Sat, 22 Jan 2022 20:00:41 +0000 https://atosvictimsgroup.co.uk/challenges-pakistan-overcame/ “When we least expect it, life challenges us to test our courage and our will to change. At such a time, there is no point in pretending that nothing happened or saying that we We’re not ready yet. The challenge won’t wait. Life doesn’t look back. paulo Coelho Pakistan’s history is replete with expected and […]]]>

“When we least expect it, life challenges us to test our courage and our will to change. At such a time, there is no point in pretending that nothing happened or saying that we We’re not ready yet. The challenge won’t wait. Life doesn’t look back.

paulo Coelho

Pakistan’s history is replete with expected and unexpected challenges that have mostly been self-propelled, emanating from the excessive selfishness of its successive rulers. Even if one casts a cursory glance at the chain of these challenges, one would be struck by their monotony and frequency and by the fact that they were never approached in a timely and pragmatic way by trying to eliminate the causes. It was as if the overriding urge was to always push them under the rug and be taken off the work list.

All the while, these exceptional challenges fueled the culture of beneficiary mafias that grew more and more powerful as the pile of problems grew. They were the ones who profited from the resulting situation. Instead of the state tackling these challenges to ease the suffering of impoverished people and provide them with much-needed relief, the greed of these marauding mafias has only grown as they colluded with corrupt and heartless rulers to raise their profit empires.

Pakistan is rising. Pakistan is growing. The challenges are successfully met. With key milestones reached, new paths open up. The country is moving forward. What remains is the arduous task of implementing an ambitious reform agenda to induce fairness, equality and transparency in the functioning of state institutions to ensure the betterment of people across all divisions.

Over time, this collusion became the general framework to not only protect these evil mafias, but to ensure their continued growth and expansion at the expense of the state. After accumulating power and influence, and renouncing all pretensions, the rulers moved on to lead these mafias, thus constantly eating away at the emaciated cadre of the state and depriving people of their rights. The country has been practically taken over by this mafia conglomerate. With growing and blatant support and rank patronage from the ruling elite, their grip grew ever tighter and their greed grew.

Over the years, two mafia dons emerged that controlled the operations within this criminal underworld: the Sharifs and the Bhutto/Zardaris. To perpetuate and prolong their grip on the levers of power, they have planted a network of criminals, across the institutional reach of the state, who have yielded to their whims and fancies by becoming the beneficiaries of an empire of growing crime and corruption. There were legislators devoted solely to filling their coffers, a decrepit and compromised bureaucracy that compelled mobsters to gouge their own profits in the marketplace, and an arrogant judicial system that literally split the institution of justice into two distinct sections: l one addressing the rich and powerful and the other addressing the poor and marginalized communities. The nature of the justice rendered to both would be proportional to the advantages which the judiciary and its followers would derive in the matter from one or the other.

On top of that was the media which, both as a state-run entity and as private sector groups, aided the mafias by projecting their serious misdeeds and financial crimes as achievements. copies. Thus, for these dons and their network of mafias, the state was practically reduced to being a hostage in their sinister grip to promote the culture of crime and corruption. They thought they had done everything to allow their family fiefdoms to continue to take turns to denude the state in perpetuity.

In the meantime, the nature, scope and bite of the challenges grew increasingly daunting. This has had an impact on all levels of governance, thus seriously compromising the growth of the state, sometimes its survival. It was such a pile of existential problems that one was afraid of where to start the process of fixing it, and whether, given the mob of mafias operating with their tentacles deep in the ground, one was even possible at all.

Imran Khan’s enthronement as Prime Minister coincided with the downsizing of the state to an all-encompassing and unprecedented level, in terms of performance and promise. But, as expected, the dons and their mafia syndicates immediately sprang into action to challenge the legitimacy of the government with a litany of lies and name calling. It was now that their citadel of crime and corruption, which they had built by practicing deception and cunning over the years, faced a tangible threat. They set out to approach it in a way that was both malicious and underhanded.

They believed they would be able to rise to the challenge through their factories in all key positions in state institutions, including the bureaucracy. Truckloads of money were unloaded to buy the loyalty of those whose doubts lingered. Particular attention was paid to the media and their operators because they are the ones who will market the fallacious narrative of the opposition to create an anarchic situation and facilitate their return to the annals of power.

What they didn’t realize was that they were up against a person who had a reservoir of indomitable courage and insurmountable conviction. He was determined to turn things around, regardless of the nature and immensity of the challenges he faced. After a few initial hiccups, Prime Minister Khan gradually managed to pull the ship out of the turbulent waters and put it on course towards the coveted destination: an economically stable, benevolent, benevolent, progressive and prosperous Pakistan.

Despite the impact of the covid-19 pandemic that set countries back years, Pakistan has been on a cruise as evidenced by the latest growth figures made public. The GDP growth rate for fiscal 2021 has been revised to 5.37% (from 3.94%) and the size of the economy has increased to $346 billion from $296 billion previously. Due to the agricultural transformation plan, the sector grew by 8.3% while the industrial sector grew by 11.95% and the service sector by 12.5%. Per capita income in dollars fell from $1,543 to $1,666. The budget deficit was reduced to 6.1% while the debt to GDP ratio was reduced to 7.3%. Then there’s the ever-expanding health card and welfare programs under the Ehsaas banner that focus on providing relief and opportunity to the country’s most deserving communities.

The government’s performance has been recognized internationally by institutions such as the World Bank, Bloomberg and The Economist. In its latest normality index, The Economist ranked Pakistan at number 2 where “commercial, recreational and traffic activities have returned to normal”, thus far reflecting effective management of covid-19. And above all, despite the challenges, there is growing hope in the health of the economy, which should gradually emerge from troubled waters.

It is neither the performance of an ineffective government nor that of a government without a clear vision of progress and growth. Through courage, commitment and determination, a host of obstacles, both natural and those created by an opposition desperate to see the backs of the government, have been overcome. Their frustration will grow further with time, as will the government’s confidence and determination to continue pushing Pakistan down the curve of progress and development to bring relief to its people, especially impoverished and marginalized communities.

Due to the pursuit of an independent foreign policy dedicated to restoring Pakistan’s sovereignty and stature, there are also challenges in the international arena. We have faced them with courage and perseverance, ensuring that national interests are not compromised under any circumstances. Our relationship with China remains on an upward trajectory while our relationship with Russia is improving rapidly. We remain keen to expand our historic relationship with the United States. We are further consolidating our relations with the European Union and the United Kingdom. Particular emphasis is also placed on improving our relations with African countries. Things in Afghanistan seem to be gradually calming down, bringing peace to our western border. There are some nibbling issues that need to be addressed, particularly with regard to the continued presence of the TTP in Afghanistan. Efforts are underway to resolve this issue in the overriding security interests of Pakistan.

We have come a long way, but there are still miles to go. The comprehensive systemic reform chapter is on hold due to lack of numbers in Parliament. Necessary changes in the compendium of laws should be incorporated to make the system more functional and transparent. The government has asked the opposition to support it in the essential effort to implement the desired reform which will benefit everyone. The initial response, as expected, was negative, which is extremely disconcerting. The opposition seems reluctant to concede the advantage to the government even in matters of national importance. Petty and yellowish politics stand in the way.

Pakistan is rising. Pakistan is growing. The challenges are successfully met. With key milestones reached, new paths open up. The country is moving forward. What remains is the arduous task of implementing an ambitious reform agenda to induce fairness, equality and transparency in the functioning of state institutions to ensure the betterment of people across all divisions.

The author is a political and security strategist, and heads the Regional Peace Institute – an Islamabad-based think tank. E-mail: [email protected]. Twitter: @RaoofHasan

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