Financial Crime Self Study
There are essentially seven groups of people who commit the various types of financial crime:
- Organised criminals, including terrorist groups, are increasingly perpetrating large-scale frauds to fund their operations.
- Corrupt heads of state may use their position and powers to loot the coffers of their (often impoverished) countries.
- Business leaders or senior executives manipulate or misreport financial data in order to misrepresent a company’s true financial position.
- Employees from the most senior to the most junior steal company funds and other assets.
- From outside the company, fraud can be perpetrated by a customer, supplier, contractor or by a person with no connection to the organisation.
- Increasingly, the external fraudster is colluding with an employee to achieve bigger and better results more easily.
- Finally, the successful individual criminal, serial or opportunist fraudsters in possession of their proceeds are a further group of people who have committed financial crime.