Lawmakers in the US are raising concerns about Hong Kong becoming a hub for financial crimes like money laundering. They think this change started happening after Beijing introduced a new law in 2020. Now, Hong Kong might be helping countries like Russia, Iran, and North Korea avoid international rules. US leaders are questioning the close business relationship betwe...
Lately, certain U. S. politicians are concerned about Hong Kong's changing role in the world of money. They're urging the government to take a closer look at its banking ties with Hong Kong. Ever since the Chinese government tightened their grip with a security law in 2020, Hong Kong has been linked to money laundering, avoiding sanctions, and even sending banned tec...
Imagine you're walking through a bustling city in Europe, wondering how economic progress influences financial crimes. This study takes a close look at 27 EU countries from 2005 to 2020. By using a method called Pooled OLS, researchers discovered some interesting patterns. As societies become more developed and sustainable, you see less corruption, less hidden econom...
Financial crime, often unseen but widespread, isn't given the same attention as street crime by predictive policing systems. Most models focus on visible threats, leaving white-collar crime largely ignored. A new model, the White Collar Crime Early Warning System (WCCEWS), is changing that. This system uses complex algorithms, known as random forest classifiers, to i...
Financial crimes, though hidden, are a big deal. But predictive policing tools often miss them. That's where the Early Warning System for White-Collar Crime (EWSWC) steps in. This clever tool uses smart tech to spot areas ripe for financial crime. It's like a super sleuth for money crooks. Predictive policing has been helping catch street crimes for a while. But whi...
You know how banks use AI to catch fraud? Well, Uncle Sam is doing the same thing! The US Treasury Department just used AI to catch $1 billion in check fraud alone last year. That's huge! And it's not just checks. They stopped over $4 billion in fraud overall. How? By using machine learning to dig through tons of data really fast. This is big because fraud spiked dur...
A surprising tale of financial misconduct has unfolded in Fairfield County. Monique Boulware, the former finance director of the Fairfield County Library, has been charged with two serious financial crimes. What makes this story noteworthy? Well, it turns out that Boulware, who held her position from January 2023 to January 2024, was allegedly using the library's fun...
Italy's financial police made headlines recently by busting a massive counterfeit retro-console ring that had been operating in the country. But this isn't just a local issue - the counterfeit gaming market is a global phenomenon that's estimated to be worth billions of dollars. So, how do these fake consoles end up on the market, and what can be done to stop them? ...
Imagine being the CEO of a small bank, trusted by your community to manage their hard-earned savings. Now, imagine being coerced into stealing millions of dollars from your own institution to fund a crypto scam, only to end up behind bars for 24 years. This is the shocking story of Shan Hanes, the former CEO of Heartland Tri-State Bank in Kansas. The scam, known as ...
The case of a former bank CEO who was sentenced to 24 years in prison for embezzling $47 million after falling for a cryptocurrency scam has left many wondering about the risks of getting caught up in get-rich-quick schemes. Shan Hanes, a 53-year-old man from Kansas, was once the CEO of Heartland Tri-State Bank, but his love for cryptocurrency led him to make some "b...