Masterclasses

MASTERCLASS Tuesday 12th October 2010 - Money Laundering & Fraudulent Company Trading - a criminal perspective.

Venue - Sage (UK) Limited, North Park, Newcastle upon Tyne, NE13 9AA.

Synopsis

What is Money Laundering?

Money Laundering is the process by which criminals attempt to conceal the true origin and ownership of the proceeds of criminal activities. If successful, the money can lose its criminal identity and appear legitimate.

Illegal arms sales, smuggling, and the activities of organised crime, including for example, drug trafficking and prostitution, can generate huge sums. Embezzlement, insider trading, bribery and computer fraud schemes can also produce large profits and create the incentive to "legitimise" the ill-gotten gains through money laundering. When a criminal activity generates substantial profits, the individual or group involved must find a way to control the funds without attracting attention to the underlying activity or the persons involved. Criminals do this by disguising the sources, changing the form, or moving the funds to a place where they are less likely to attract attention. In summary, the money launderer wants to:-

1. Place his money in the financial system, without arousing suspicion;

2. Move the money around, often in a series of complex transactions crossing multiple jurisdictions, so it becomes difficult to identify its original source; and

3. Then move the money back into the financial and business system, so that it appears as legitimate funds or assets.

Isle of Man Government ©2010 Crown Copyright

AGENDA

09.00 - 09.30 Registration.
Coffee / Tea

09.30 - 09.40 Introduction.
Masterclass Chair

09.40 - 11.20 Money Laundering - a presentation by Northumbria Police.

The areas to be covered are:

1) The drivers for AML legislation and regulation - why we have it, where has it come from and what are the threats from transnational organised crime. The international pressures which force the political responses in creation of legislation like the Proceeds of crime Act and the new Fraud Act.

2) Why KYC and other regulation is so important to AML, fighting organised crime and counter-terrorist funding.

3) How Suspicious Activity Reports and Consents are used to stop the above.

4) Case Study

5) Discussion on 'Self' regulation v 'imposed' regulation.

Andy Gimza & Matthew Hall - Northumbria Police

11.20 - 12.20 Trust in me, the use of Offshore Company Structures.

A case study to demonstrate how an offshore structure was set to launder income and avoid UK tax. It will cover the mechanics of the structure and how this was dismantled as part of the investigation. Also covered an example of a cash business and how takings were suppressed and sent abroad.

David Cowie - HMRC

12.25 Masterclass Close

APPLICATION FORM

The cost of this masterclass is:

NEFF Members - Free to current 2010 / 2011 members.
Non Members - £70 + VAT.