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Staying Ahead of Financial Crime: Emerging Trends in Guadeloupe
Guadeloupe, a French overseas department in the Caribbean, is not immune to the growing threat of financial crime. As reported by local authorities and industry experts, fraudsters are constantly evolving their tactics to stay one step ahead of detection.
New Types of Fraud on the Rise
Experts warn that new forms of financial crime are emerging, including:
- Impersonating company owners: Setting up fraudulent accounts and securing government funds using fake identities
- Using “front” business owners: Hiding the true identity of individuals involved in money laundering and other illicit activities behind legitimate businesses
- Account takeover: Using duplicate card requests and additional signors on accounts to gain unauthorized access
- Synthetic identity fraud: Creating fictitious identities using real and contrived personal information
These tactics are becoming increasingly sophisticated, with fraudsters using technology to verify the legitimacy of new “merchants” and creating synthetic identities that are difficult to detect.
Real Estate Money Laundering on the Rise
Guadeloupe is not immune to the growing problem of real estate money laundering. A recent study revealed that $2.3 billion had been laundered through real estate in the US over the past five years, with a significant portion of that amount coming from Guadeloupe.
Anonymous shell companies and complex corporate structures are being used to structure real estate transactions and avoid detection of the true owner. The Biden administration has urged the Treasury Department to revoke regulatory exemptions for agents mandated to identify their “ultimate clients” or report suspicious activity.
Experts Call for Improved AML and KYC Protocols
Industry experts are warning that fraudsters will always adapt to exploit gaps in processes, and it is essential to stay ahead of them. They recommend adapting AML and KYC protocols at the same rate or faster than fraudsters evolve their tactics.
The Corporate Transparency Act, set to take effect in January 2023, aims to expose the true owners behind shell corporations. However, until then, Guadeloupe must remain vigilant in detecting and preventing financial crime.
Staying Ahead of Financial Crime
By staying informed about emerging trends and adapting our protocols, we can stay one step ahead of fraudsters and protect our communities from financial harm.