Everyone is involved in trade. When you go to the corner shop and buy a Mars Bar, you are engaged in a financial transaction: you pay, he hands over the treat.
When you get on a bus, you are engaged in a financial transaction but it's complicated: the driver of the bus is not your service provider, he provides services to the bus company. But the bus company might not be your service provider; it might be a contractor from, for example, the local authority.
Everyone engaged in each aspect of the transactions has obligations and when obligations are willingly not performed, that leads to liability.
In some cases, that liability is in contract or tort, even trust law, but they are not criminal in nature. They are "unlawful".
In other cases, they might be illegal which means criminal liability might arise.
Many people, including those who draft laws, who prosecute criminal cases or civil suits jumble those two things up. And that is one of the reasons that knowing about and understanding Trade Based Financial Crime is needed before you even think about "trade based money laundering."
Nigel Morris-Cotterill explained trade-based financial crime in his 1996 book "How not to be a money launderer". Then he explained how criminals use the internet in a widely cited academic paper which grew into a book, "Cleaning up the 'net". He wrote the only book on "Understanding Suspicion in Financial Crime", now in its second edition, and most recently published SAFE WORD: NO, a book on fraud and internet safety for general readership.
All of that has led to Morris-Cotterill's multi-part work "Trade-Based Financial Crime - Beyond TBML". Volume 1 and Volume 2 have been published and Volume 3 is in preparation.
Like the books, this seminar takes a practical view of law and regulation and the risks they present to businesses in the financial and commercial sectors and, even, to individuals who engage in transactions with an illegal element. He explains how that is much easier than you might think.
This seminar is for everyone who has a function that brings them into contact with customers, suppliers and third parties and information relating to them and their financial dealings.
For example:
C - Suite executives : defence against financial crime is now a significant imperative for decision makers at the highest levels of public and private companies and other forms of business structure.
Senior managers, including compliance officers, who have responsibility for setting, implementing and enforcing policies and procedures.
Middle Managers and all other staff who have a duty to comply with policies and procedures and who have direct contact with customers, suppliers and third parties.
Providers of financial, legal and corporate advisory services to businesses.
Policy makers, regulators, intelligence agencies including FIUs, customs and tax officers, enforcement agencies, judges and members of tribunals.
Any business in any industry is at risk of being the target of criminals and other malfeasants.
But it's more than that: it's everyone who has financial dealings with another business and everyone that provides advisory, consultancy or other services to another business or to an individual who may commit, or may have already committed a crime.
The seminar will benefit policymakers, regulators and enforcement agencies including customs and tax authorities.
The scale and scope of Trade Based Financial Crime is incomprehensibly huge and so are the opportunities for criminals to exploit people and systems in honest businesses.
Fraud is the in-vogue topic at present, and almost all financial crime has an element of fraud in it.
But other conduct must share the headlines.
Fraud is all around us, everywhere we go.
For more information and the course outline.
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