Money Laundering Prevention: Deterring, Detecting, and Resolving Financial Fraud

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A how-to guide for the discovery and prevention of the illegal transfer of money

Written for the private sector—where most money laundering takes place—this book clearly explains shows business professionals how to deter, detect, and resolve financial fraud cases internally. It expertly provides an understanding of the mechanisms, tools to detect issues, and action lists to recover hidden funds.

  • Provides action-oriented material that will show how to deter, detect, and resolve financial fraud cases
  • Offers an understanding of the mechanisms, tools to detect issues, and action list to recover hidden funds
  • Covers mechanisms for moving money, identifying risk exposures, and investigating money movement

Arming auditors, investigators, and compliance personnel with the guidance that, up until now, has been restricted to criminal investigators, Money Laundering Prevention provides nuts-and-bolts information needed to fully understand the money laundering process.

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About the author

JONATHAN E. TURNER, CFE, CII, is a Managing Director with Wilson & Turner Incorporated, where he specializes in the prevention and detection of sophisticated financial fraud and employee crime issues. Prior to cofounding WTI, he served in investigations management positions with regional, national, and international investigations firms, with operational responsibility for thousands of investigations. He is a court-recognized expert in the investigation, documentation, and resolution of financial fraud matters. Turner is a commentator on fraud-related topics, including financial fraud schemes, employee fraud issues, and complex fraud schemes. He has been interviewed by the Wall Street Journal, the New York Times, and has appeared on ABC News, CNBC, and CNN programs.

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Additional Information

Publisher
John Wiley & Sons
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Published on
May 4, 2011
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Pages
224
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ISBN
9781118086681
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Language
English
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Genres
Business & Economics / Auditing
Business & Economics / General
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Content Protection
This content is DRM protected.
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Available on Android devices
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Martha Maeda
In 2009, high-profile fraud cases like the Ponzi schemes of Bernard Madoff and Arthur Nadel vividly illustrated the harm done to investors who placed their trust in these apparently successful money managers and then discovered their money had never been invested at all. News stories featured 90-year-olds forced by necessity to work in supermarkets, elderly people losing their homes because their life savings were gone, and wealthy retirees suddenly unable to pay their electricity bills. Charities were forced to curtail their services, lay off staff, and even close their doors forever as their funds evaporated. Almost every day, there are stories in the media about dishonest employees who have robbed their organisations of hundreds of thousands of dollars. Not so well-publicised are the countless smaller thefts occurring every day from cash registers, warehouses, and business bank accounts. Sadly, the organisations that have the most to lose small businesses, family-run companies, churches, and charities are often the most vulnerable because of their size and inexperience. According to the Association of Certified Fraud Examiners, accounting fraud cost over $994 billion in 2008, and the average organisation lost 7 percent of its total revenue to fraud. How can you prevent this from happening to you as an investor, business owner, or a person attempting to acquire or merge with another firm? Read this book and you will be able to understand, detect, and avoid accounting fraud. You will learn how to identify fraud, how to spot minor abnormalities that may hide fraud, how to spot forgeries, and how to prove your case, as well as what to immediately suspect and methods for uncovering scams. You will know what signs to look for, including excessive turnover of lawyers and auditors, changing professionals in the middle of a transaction, inconsistent information, and significant declines in stock prices. In addition, you will know how to recognise the common manoeuvres, earnings manipulation, premature and fictitious revenue, overvalued assets, undervalued liabilities, bogus revenue, expenses that have been shifted to another period, overstating revenues, understating expenses, and the misuse and misdirecting of funds. This new book is filled with studies and discussions of fraud cases and how they could have been avoided, checklists for detecting accounts misdeeds, and advice from analysts, CFOs, and CPAs. This manual will be an indispensable aid for serious investors, industry pros, acquisition and merger managers, and small business owners alike. After reading this book you will no longer have to worry about accounting fraud and you can increase your company's profits.
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