Fraud Looms Large on BSA Menu: Experts Offer Suggestions on How to Make Better Use of the Overlap between the Two Disciplines

[ILLUSTRATION OMITTED] Somewhere between the moo goo gai pan the General Tso's chicken, dirty business was going on behind the scenes at a string of Chinese food buffets in the New York metro area. story behind that discovery is one of four vignettes drawn from the 2009 Laundering Enforcement Conference, held in mid October, sponsored by ABA the American Bar Association. What they share: increasing confluence of money laundering fraud activity. Chinese, with a side of Mexican Bank Secrecy Act compliance once revolved around the effort to fight narcotics trafficking, but there's a host of other illicit activities generating funds that have to be laundered. buffet case is one example. Money is coming from a diverse range of crimes, federal agent Marcy Forman told bankers. Forman, director of intellectual property at ICE (U.S. Immigration Customs Enforcement, Department of Homeland Security), formerly director of ICE's Office of Investigations, told bankers the story of Operation Goldenwire. Forman said a pair of owner/operators of a string of Chinese buffet restaurants were engaged in human trafficking. Alien laborers from China Mexico were smuggled into the country to work at below-minimum-wage jobs in the restaurants. Their lodgings, livelihoods, transportation, daily movement were all controlled and/or owned by those who had brought them into the country illegally. The buffets are a big cash business, Forman said, which gave the owners the opportunity to set up nominee accounts for the workers other mechanisms to hide their gains from the human trafficking activities. In the end, the pair were brought to justice. They received 18-month prison sentences. At bottom, this case is one where money laundering was performed to cover up fraudulent acts. From Africa, with deceit What banker hasn't heard of the longstanding, Nigerian scam? This scam typically takes the form of an e-mail, these days, sent on behalf of an alleged party with money who, for a variety of reasons, can't get it out of the country he or she is in without an outsider's help. [ILLUSTRATION OMITTED] There is a play for sympathy, with the promise that if the recipient will help, they will not only be doing a good deed, but be awarded a significant amount of money. Along the way, the fraudsters wind up asking for cash, account numbers, or other information that enables them to fleece the victim. Douglas Left, unit chief at the Financial Crimes Section of the FBI Asset Forfeiture Laundering Unit, noted that bankers have wondered how a scam that's been publicly punctured exposed over over in the media can still keep working. Yet people still believe it, said Left, and they fall for it every day. Left was involved in the successful solution to one such case where a ring operating out of Nigeria had hit many victims, including an elderly missionary. They had varied the story for her sake, writing of an elderly missionary of their invention who had become too ill to continue, who wanted another missionary to continue his work with his huge endowment, albeit in the United States. U.S. missionary fell for the seam, hook, line, sinker. Along the way, the fraudsters requested a meeting with her in Canada. She traveled to the meeting spot, where she was shown a bag full of currency. But it was discolored damaged. They told her that the charity working with the ailing missionary needed to pay a chemist to undo the damage with a special process. Could the American missionary please put up the necessary funds for the cleaning, temporarily? woman readily agreed, dug into savings. Not surprisingly, she was later told that the $500,000 she had put up had been used for a treatment--an unsuccessful treatment. Sensing a live one, the fraudsters told her that the chemist felt badly that his process hadn't worked, was willing to try again, for only half his price. …

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