Governments, police, banks and companies must team up to tackle the "crippling harm" that financial crime causes, an Interpol official has said.
Rory Corcoran, a director at the global police organisation, said financial crime and corruption are among the top threats faced by the agency’s 195 member countries.
Speaking at the World Police Summit in Dubai on Tuesday, Mr Corcoran said they undermine global systems, impede economic growth and cause huge losses to businesses and individuals.
The situation is being fuelled by ever-increasing globalisation and digitalisation, with criminals exploiting new digital outlets such as cryptocurrencies to heap misery on unsuspecting victims.
Following a detailed threat assessment ... we've established three dedicated crime areas ... fraud and payment crime, anti-money laundering and asset recovery, and anti-corruption
Rory Corcoran,
Interpol
“We're all aware of the crippling harm [financial crime] poses to individuals, companies and countries alike,” said Mr Corcoran, who is acting head of the organisation's new financial crime and anti-corruption unit, the IFCACC.
“This is where we will focus our attention on preventing this harm."
It came as Interpol said the IFCACC was working well.
"We've established three dedicated crime areas," said Mr Corcoran, who served with Ireland's police force before Interpol.
“Fraud and payment crime, anti-money laundering and asset recovery and anti-corruption.
“There'll be a strong focus on data, analytics and intelligence-led policing because to tackle any type of crime area we have to first understand it.”
In the first two months of the centre being established, Interpol has intercepted more than €4 million worth of illicit funds as a result of fraud and money laundering schemes.
“This is with a very limited and targeted focus on specific countries and specific crime areas,” said Mr Corcoran.
“It is about looking at and focusing on the movement of money using our national central bureaus as a point of contact and really acting in a timely manner to intercept that money and prevent that money from getting into the hands of criminals.”
UAE takes 'divisive action' against fugitives
Speaking briefly about the UAE, Mr Corcoran said it has "taken very divisive action" on money-related crimes and has helped enforce red notices on criminals, which are issued for fugitives wanted either for prosecution or to serve a sentence.
Last month, the Executive Office for Anti-Money Laundering and Counter Terrorism Finance released details of recent prosecutions and deportations of suspects.
In 2021 the authorities confiscated more than Dh2 billion ($544.5m), including Dh1.1bn used in money laundering offences.
In one case, UAE law enforcement authorities confiscated about Dh175 million in cash and assets. The main suspects were extradited to the US with the support of the Ministry of Interior acting on an Interpol red notice. The prime suspect pleaded guilty to money laundering in a US court.
The UAE has also launched courts dedicated to tackling money laundering.
More public awareness needed
A 2020 survey by consulting firm PwC of businesses in 99 territories showed that nearly half of all respondents had reportedly fallen victim to financial crime in the previous two years, with losses totalling USD 42 billion. In terms of volume, fraud is now the most prevalent form of criminality in some countries. But Mr Corcoran said much more had to be done in to build public awareness about the issue
Banks, police and governments needed to run campaigns alerting people to the dangers of financial crimes and organisations need to implement "robust security mechanisms" to limit the threat and Interpol officers were on hand to help investigations.
“As we know, human error plays a huge part in financial crime, particularly fraud schemes, so creating and maintaining awareness with the public is hugely important.”
As criminal gangs grow evermore creative, Mr Corcoran said that states needs to keep pace with technological trends, like cryptocurrencies, much like criminals do.
The IFCACC places a strong focus on cryptocurrencies, working very closely with its innovation centre in Singapore as well as its cyber crime centre.
“We place a particular focus on working with the private sector to identify particular trends, remedies and solutions for member countries to try to tackle the threat of more sophisticated crimes more effectively.”
Sheikh Hamdan visits the World Police Summit — in pictures
Spec%20sheet
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Heather, the Totality
Matthew Weiner,
Canongate
'The Coddling of the American Mind: How Good Intentions and Bad Ideas are Setting up a Generation for Failure'
Greg Lukianoff and Jonathan Haidt, Penguin Randomhouse
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Barbie
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Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
Killing of Qassem Suleimani
Race card
6.30pm: Emirates Holidays Maiden (TB), Dh82,500 (Dirt), 1,900m
7.05pm: Arabian Adventures Maiden (TB), Dh82,500 (D), 1,200m
7.40pm: Emirates Skywards Handicap (TB), Dh82,500 (D), 1,200m
8.15pm: Emirates Airline Conditions (TB), Dh120,000 (D), 1,400m
8.50pm: Emirates Sky Cargo (TB), Dh92,500 (D)1,400m
9.15pm: Emirates.com (TB), Dh95,000 (D), 2,000m
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
UAE currency: the story behind the money in your pockets
Profile of Foodics
Founders: Ahmad AlZaini and Mosab AlOthmani
Based: Riyadh
Sector: Software
Employees: 150
Amount raised: $8m through seed and Series A - Series B raise ongoing
Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
Porsche Taycan Turbo specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 1050Nm
Range: 450km
Price: Dh601,800
On sale: now
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
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'Ashkal'
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UK%20record%20temperature
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RESULTS
6.30pm: Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
Winner: Brraq, Adrie de Vries (jockey), Jean-Claude Pecout (trainer)
7.05pm: Handicap (TB) Dh102,500 (D) 1,200m
Winner: Taamol, Connor Beasley, Ali Rashid Al Raihe.
7.40pm: Handicap (TB) Dh105,000 (Turf) 1,800m
Winner: Eqtiraan, Connor Beasley, Ali Rashid Al Raihe.
8.15pm: UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
Winner: Soft Whisper, Pat Cosgrave, Saeed bin Suroor.
9.50pm: Handicap (TB) Dh105,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer.
9.25pm: Handicap (TB) Dh95,000 (T) 1,000m
Winner: Etisalat, Sando Paiva, Ali Rashid Al Raihe
The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
