Law and Policy
Chapter 4: Fraud
4. Fraud There is clear evidence that fraud is becoming the crime of choice for organised crime and terrorist funding. The response from law enforcement world-wide has not been sufficient. We need to bear down on fraud; to make sure that laws, procedures and resources devoted to combating fraud are fit for the modern age.1 4.1 INTRODUCTION International efforts to tackle financial crime have concentrated on money laundering and terrorist financing. This is largely due to the United States of America (US)-led ‘war on drugs’ and the ‘financial war on terrorism’. Fraud can be defined as ‘persuading someone to part with something’,2 which includes ‘deceit or an intention to deceive’,3 or an ‘act of deception intended for personal gain or to cause a loss to another party’4 and it ‘involves the perpetrator making personal gains or avoiding losses through the deception of others’.5 The international profile of fraud has increased significantly during the last two decades;6 this is due, in part, to instances of corporate fraud relating to the collapse of the Bank of Credit and Commerce International,7 Wright, R. (2007), ‘Developing effective tools to manage the risk of damage caused by economically motivated crime fraud’, Journal of Financial Crime, 14(1), 17–27, at 18. 2 Doig, Alan (2006), Fraud, Willan Publishing, Cullompton, at p. 19. 3 Ormerod, David and Williams, David (2007), Smith’s law of theft, Oxford University Press, Oxford, at p. 9. 4 Serious Fraud Office (n/d), ‘What is fraud?’, available...
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