Interpol said financial crime and sophisticated criminal gangs are among the greatest threats facing the international community. AFP
Interpol said financial crime and sophisticated criminal gangs are among the greatest threats facing the international community. AFP
Interpol said financial crime and sophisticated criminal gangs are among the greatest threats facing the international community. AFP
Interpol said financial crime and sophisticated criminal gangs are among the greatest threats facing the international community. AFP

Global fight against financial crime intensifies as gangs switch to cryptocurrencies


Kelly Clarke
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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.

Interpol official Rory Corcoran said there will be a strong focus on data and intelligence-led operations against criminal gangs. Photo: Interpol
Interpol official Rory Corcoran said there will be a strong focus on data and intelligence-led operations against criminal gangs. Photo: 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

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

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
Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The Bio

Favourite Emirati dish: I have so many because it has a lot of herbs and vegetables. Harees  (oats with chicken) is one of them

Favourite place to go to: Dubai Mall because it has lots of sports shops.

Her motivation: My performance because I know that whatever I do, if I put the effort in, I’ll get results

During her free time: I like to drink coffee - a latte no sugar and no flavours. I do not like cold drinks

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INFO

What: DP World Tour Championship
When: November 21-24
Where: Jumeirah Golf Estates, Dubai
Tickets: www.ticketmaster.ae.

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
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Results

57kg quarter-finals

Zakaria Eljamari (UAE) beat Hamed Al Matari (YEM) by points 3-0.

60kg quarter-finals

Ibrahim Bilal (UAE) beat Hyan Aljmyah (SYR) RSC round 2.

63.5kg quarter-finals

Nouredine Samir (UAE) beat Shamlan A Othman (KUW) by points 3-0.

67kg quarter-finals

Mohammed Mardi (UAE) beat Ahmad Ondash (LBN) by points 2-1.

71kg quarter-finals

Ahmad Bahman (UAE) defeated Lalthasanga Lelhchhun (IND) by points 3-0.

Amine El Moatassime (UAE) beat Seyed Kaveh Safakhaneh (IRI) by points 3-0.

81kg quarter-finals

Ilyass Habibali (UAE) beat Ahmad Hilal (PLE) by points 3-0

Titanium Escrow profile

Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue  
Stage: Early stage
Investors: Founder's friends and Family

Updated: March 16, 2022, 6:10 AM`