Countering Illicit Finance Essay Paper

Countering Illicit Finance

A number of mechanisms have been devised by various agencies to counter illicit finance. The United States Immigration and Customs Enforcement (ICE) have in particular waged a significant battle on money laundering with a view to combating transnational criminal organizations

(TCO). This paper seeks to enumerate the successful and unsuccessful practices in countering illicit finance noting why the practices have either been successful or unsuccessful.

The proceeds from illicit finances and money laundering activities are used to fund criminal activities. The ICE works in partnership with the United States Customs and Border Protection (CBP) to dismantle transnational criminal activities. Homeland Security Intelligence (HSI) has come up with a raft of measures to counter illicit finance. It particularly examines the manner in which individuals and criminal organizations earn, move, store, and launder their illicit proceeds. The HIS engages in financial investigations, does reporting as per the Banks Secrecy Act

, and also intensifies anti-money laundering compliance among financial institutions. The efforts that have been made by HSI have forced criminal organizations that depended on illicit finances to seek other alternatives like the money service business (MSB), pre-paid access devices, and bulk cash smuggling. HSI enforces and investigates money laundering and bulk cash smuggling violations. In 2011 alone, the HSI special agents initiated at least 4000 financial investigations which culminated into the arrest of 1770 people and indictment of over 1000 criminals. Of these over 1040 were convicted and seizures worth $359 realized

To address issues pertaining to bulk cash smuggling, the HSI has set up the National Bulk Cash Smuggling Center (BCSC) in cooperation with El Paso Intelligence Center

. The center acts as an investigative support and operations facility. The center assesses bulk cash smuggling threat and eventually develops a strategic plan to address the problem. The center also engages in analysis of the movement of bulk cash in a systematic manner while the HSI develops enforcement operations that are designed to combat various methodologies employed by trafficking bodies. The targeted approach enables BCSC to efficiently and effectively utilize its interdiction and investigative resources. The BCSC activities have resulted into 132 seizures totaling to $65.8 million. A total of 319 criminal arrests have been made. Ninety six people have been indicted in the federal court while 68 convictions have been made at the state courts

. The BCSC trains and rolls out outreach programs to over 21,000 state, federal, and international partners. The BCSC in conjunction with HSI have coordinated with its field officers in destinations like St. Louis, Missouri, and Colorado to mention but a few in support of a controlled delivery of illicit bulk cash.

The Homeland Security Intelligence also uses Operation Firewall to disrupt movement of bulk cash destined for borders, and internationally via commercial and private passenger vehicles, commercial airline shipments, and pedestrians. Operations Firewall urgently uses surge operations that target the movement of bulk cash destined for and crossing the U.S. borders with Mexico and Canada

. Operation firewall and surge operations are an example of joint interdiction efforts that brings foreign law enforcement bodies on board. The operation firewall has achieved a lot in terms of disrupting movement of bulk cash since more than 6700 seizures totaling in more than $621 millions have so far been made. Courtesy of operation firewall, international seizures have also been made.

The ICE’s cornerstone outreach initiative has done much with regard to countenance of illicit finances. The cornerstone outreach initiative has partnered with the private sector to systematically and strategically identify and eliminate vulnerabilities in the financial systems that criminals can take advantage of . Through this initiative, HSI builds domestic and international partnerships by sharing law enforcement trends and methods with businesses that manage systems that international criminals seek to exploit. The Homeland Security Intelligence shares whatever it learns through its investigations with the private sector to assist in identifying and preventing criminals from capitalizing on weaknesses in financial systems. In essence, the Homeland Security’s special agents are subject matter experts in money laundering methods like fraud, money service business, casinos, and alternate remitters

Some international criminal organizations accrue proceeds from illicit activities under disguise that they are engaged in legitimate trade

. Criminal gangs do exploit global trade networks using confusing documentation associated with legitimate business transactions. Such criminals ideally make use of Trade-Based Money Laundering (TBML). This is a scheme that Colombian drug cartels have capitalized on. Homeland Security Intelligence has in this regard instituted Trade Transparency Unit (TTU) to counter TCOs resolve to launder illicit proceeds through manipulation of international trade and financial systems. The TTU partners with foreign nations to exchange trade data

. It has partnered with Mexico, Panama, Brazil, Colombia, Ecuador, and Paraguay to mention but a few countries with a view to identifying, investigating, and prosecuting international criminal gangs that engage in TBML. The ICE, ITU, and intelligence analysts in the field together with the foreign customs and law enforcement agencies responsible for border control and enforcement of financial crimes make use of TTU’s computer systems called the Data Analysis and Research for Trade Transparency System (DARTTS) to analyze trade and financial data. The TTU’s computer system can identify international trade anomalies and financial irregularities that point to engagement in TBML, custom fraud and smuggling. The system is capable of analyzing large amounts of data within a short period. This helps in maximization of limited time and resources. DAARTS helps in initiating and furthering criminal investigations

. A number of countries have shown interest in developing their TTU. Countries like Colombia and Guatemala that have established their TTU currently receives funding and support from State Department’s Bureau of International Narcotics and Law Enforcement Affairs.

Prepaid access devices are currently used in illicit cash transfers. Money launders make use of open loop prepaid access devices because they can easily be made use of at point of sales terminals. These cards are also use by money launders because they are widely accepted by hotels and car rental agencies. Money launders prefer prepaid access devices to bulk cash because their portability makes it extremely difficult to detect as could be the case with bulk cash. The dangers that prepaid cards posed to the United States economy prompted the enactment of the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 that became law in May 2009

. The law has compelled the U.S. Department of Treasury and Department of Homeland Security to address risks associated with prepaid cards. The Homeland Security Intelligence works in conjunction with other law enforcement agencies and Financial Crime Enforcement Network to address the dangers prepaid devices poses to the entire economy. This has culminated into the publication of Bank Secrecy Act

Bibliography

Department of Homeland Security, (2012). “Written testimony of U.S. Immigration and Customs Enforcement Homeland Security Investigations Investigative Programs

Assistant Director Leigh Winchell for a Senate Committee on Homeland Security and Governmental Affairs, Permanent Subcommittee on Investigations hearing titled “U.S.

Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case

History”16 Jul. 2012.

http://www.dhs.gov/news/2012/07/16/written-testimony-ice-senate-committee-homeland-security-and-governmental-affairs

Baker, Raymond, Eva, Joly, “Illicit Money: Can it Be Stopped?” 23 Jul. 2009.

http://www.gfintegrity.org/content/view/277/72/

World Bank, Stolen Asset Recovery (StAR) Initiative: Challenges, Opportunities, and Action

Plan. New York: World Bank, 2007.

Schneider, Friedrich, Money Laundering and Financial Means of Organized Crime: Some

Preliminary Empirical Findings. Linz: Johannes Kepler University Press, 2008.

Department of Homeland Security “U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History” 16 Jul. 2012. http://www.dhs.gov/news/2012/07/16/written-testimony-ice-senate-committee-homeland-security-and-governmental-affairs

Department of Homeland Security “U.S. Vulnerabilities”

Raymond, Baker, Eva, Joly. “Illicit Money: Can it Be Stopped?” 2009. 20 Apr. 2013 http://www.gfintegrity.org/content/view/277/72/

Raymond, Baker & Eva, Joly. “Illicit Money: Can it Be Stopped?”

World Bank. Stolen Asset Recovery (StAR) Initiative: Challenges, Opportunities, and Action Plan (New York: World Bank, 2007)

Friedrich, Schneider, Money Laundering and Financial Means of Organized Crime: Some Preliminary Empirical Findings

(Linz: Johannes Kepler University Press, 2008).

Department of Homeland Security “U.S. Vulnerabilities”

Get Professional Assignment Help Cheaply

Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?

Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.

Why Choose Our Academic Writing Service?

Plagiarism free papers
Timely delivery
Any deadline
Skilled, Experienced Native English Writers
Subject-relevant academic writer
Adherence to paper instructions
Ability to tackle bulk assignments
Reasonable prices
24/7 Customer Support
Get superb grades consistently

Online Academic Help With Different Subjects

Literature

Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.

Finance

Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.

Computer science

Computer science is a tough subject. Fortunately, our computer science experts are up to the match. No need to stress and have sleepless nights. Our academic writers will tackle all your computer science assignments and deliver them on time. Let us handle all your python, java, ruby, JavaScript, php , C+ assignments!

Psychology

While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.

Engineering

Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.

Nursing

In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.

Sociology

Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.

Business

We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!

Statistics

We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.

Law

Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.

What discipline/subjects do you deal in?

We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.

Are your writers competent enough to handle my paper?

Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.

What if I don’t like the paper?

There is a very low likelihood that you won’t like the paper.

Reasons being:

When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.

In the event that you don’t like your paper:

The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
We will have a different writer write the paper from scratch.
Last resort, if the above does not work, we will refund your money.

Will the professor find out I didn’t write the paper myself?

Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.

What if the paper is plagiarized?

We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.

When will I get my paper?

You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.

Will anyone find out that I used your services?

We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.

How our Assignment Help Service Works

1. Place an order

You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.

2. Pay for the order

Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.

3. Track the progress

You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.

4. Download the paper

The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.

PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A PERFECT SCORE!!!