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Money Laundering Schemes Exposed: A Look into Recent Typologies

In recent times, financial institutions and law enforcement agencies have been on high alert for money laundering schemes. The Financial Reporting Authority (FRA) has received several suspicious activity reports (SARs) from various sources, highlighting the increasing sophistication of these crimes.

Case Study 1: Share Transfer Scheme

One such scheme involved a company, Company A, which was acquired by a new sole shareholder, Mr. M, who resides in a non-cooperative country. Within a week, the company’s directors approved a share transfer instruction received from Mr. B, transferring all issued shares to Mr. M. The company then commenced winding up and appointed a foreign individual as its voluntary liquidator.

• Red flags:
  • Large transfers of money out of the jurisdiction in a short period
  • No viable explanation for the transfers
  • Large purchases made within a short time frame

Case Study 2: Wire Transfer Scheme

Another scheme involved a fraudulent wire transfer made by an individual, Mr. Z, to an account maintained by Company R at a bank in Jurisdiction 9. The wire transfer was executed after Mr. Z visited the bank and signed the documents, but he later claimed that his email had been hacked and the beneficiary information was changed.

• Red flags:
  • Transfers of large sums of money to multiple jurisdictions
  • No viable explanation for the transactions
  • The receiving bank and recipient being in different jurisdictions

Case Study 3: Real Estate Scheme

A third scheme involved a series of suspicious communications between an individual, Mr. B, and his attorney, which appeared to be an attempt to defraud a real estate agent. The scheme was characterized by the use of fake emails and a lack of transparency regarding the parties involved.

Typologies

Typology 6: Laundering the Proceeds of Fraud through Deception

• Red flags/Indicators:
  • Transfers of large sums of money from a joint account to a sole account
  • Large transfers of money out of the jurisdiction in a short period
  • No viable explanation for the transfers
  • Large purchases made within a short time frame

Typology 7: Cyber Fraud - Business Email/Contract

• Red flags/Indicators:
  • The receiving bank and recipient being in two different jurisdictions
  • The name of the intended recipient company not matching public information
  • Transactions in multiple jurisdictions

Typology 8: Cyber Fraud - Business Email/Contact

• Red flags/Indicators:
  • Fake emails and a lack of transparency regarding the parties involved

Disclosure

Disclosures were made to the relevant authorities for intelligence purposes. The FRA continues to monitor these schemes and work with financial institutions and law enforcement agencies to prevent and detect money laundering activities.

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