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IFG: Anonymous Funding and Its Role in Fraud

Posted on 12 June 2015

On 21st May 2015 the International Fraud Group (IFG) hosted the Future View of International Fraud, a panel discussion on anonymous funding and its role in fraud.

Transcript

IFG – International Fraud Group

Anonymous Funding and Its Role in Fraud May 2015

Gary Miller CFE
Partner, Mishcon de Reya

Today’s event is all about bringing the members of the International Fraud Group together.  The IFG is an international network of fraud specialists.  We are focussing on anonymous funding and the role that it plays in business and the importance of that.

Professor Michael Clarke
Director General, Royal United Services Institute

The cyber world creates more visibility as we all leave electronic traces behind us. It sort of tips the other way as well and the sheer ubiquity of communication also means that things can be made anonymous more easily.  So it is a very interesting topic and one we should look at.

Adrian Leppard QPM
Commissioner, City of London Police

We are dealing with a growing problem of incoming crime, linked to that is a growing money laundering problem and we start to see how with money laundering regulations happening quite effectively in many countries that criminals are looking to other forms of moving that money and anonymous funding is part of that.

Richard Kovalevsky QC
2 Bedford Row Chambers

The point about hawala banking is its transformation.  If you can insert yourself as a criminal enterprise into the hawala chain you can launder your funds and move them and make them come somewhere else.  The essence of hawala is that the original funds stay in the place in which they are generated.

Daniel H Gallancy
CEO, SolidX Partners Inc

Right now the role of digital currency is actually fairly small in the global financial markets.  The entirety of the monetary base of bitcoin and other digital currencies is less than five billion US dollars.  That said, the future importance of bitcoin and other commercial currencies is increasing as their utilisation increases and as the used cases increases.

Adrian Leppard QPM
Commissioner, City of London Police

We do need to regulate this space but we need to do it cautiously and in a way that doesn’t impede growth of new business.

Hugo Plowman
Partner, Mishcon de Reya

We heard tonight you know about the individual’s right to privacy versus the States need to investigate, to get access to data, to be able to tap up banks for the information they have on fraud and for me you know, that’s my practice area and I found it a fascinating discussion.

Joshua Sohn
Mishcon de Reya New York

Certainly the emergence of bitcoin and how it is going to play into our practices in the future was very interesting.

Gary Miller CFE
Partner, Mishcon de Reya

The primary fear or the primary concern is definitely in the area of money laundering because if you don’t know where your money is coming from it creates a huge risk for the organisation in terms of who is it dealing with.

Gary Miller CFE
Partner, Mishcon de Reya

Where does the money come from lies at the very heart of trying to establish the legitimacy and the transparency of business transactions.

IFG – International Fraud Group

Anonymous Funding and Its Role in Fraud May 2015

International Fraud Group

Fraud in 2020 and Beyond

The Impact of the World’s Fastest Growing Industry

Gary Miller CFE

Partner, Mishcon de Reya

IFG Co-Founder

The purpose of today’s event is to bring together experts and professionals in the area of cyber fraud and to discuss issues that are affecting business, Governments and indeed even people on the street.

Claire Broadbelt

Partner, Mishcon de Reya

I mean every day companies are being targeted by individuals, by criminal gangs and by unfriendly states.

Lord Ashdown

Senior Adviser at G3

Former Leader of the Liberal Democrats

I think that one of the things that people have to understand is that this is going to change everything.

Lord Arbuthnot

Parliamentarian and defence specialist

State sponsored hacking is truly serious both for Governments and for private sector organisations.  Governments need to worry about states actually testing out their critical national infrastructure so that there is a hold over the Government for the future.

Alex Holmes

Deputy Director of Cyber Security

DCMS

I think the UK’s digital infrastructure is pretty resilient but ultimately it doesn’t matter how resilient UK’s infrastructure is, businesses need to take responsibility as well for protecting themselves.

Lord Arbuthnot

Parliamentarian and Defence Specialist

Private sector organisations need to worry about what use the data that they are letting go might be put to.

Faeth Birch

Partner and Head of Cyber

Finsbury

I think cyber-crime as an issue is just like any other reputational issue.  It’s the way you handle it that really, really matters and they should have identified within the organisation where the real risks are and they should make sure that they practice, that they do a full cyber drill in advance so that they know how to respond.

Alex Holmes

Deputy Director of Cyber Security

DCMS

What we have learnt from recent incidents is that it is a cultural problem not just a technology problem so Government’s priorities have been in addition to making sure that we have enough skills within the economy and that we have a thriving cyber sector it is that helping businesses do the basics and getting the basics right to protect themselves.

Karyn Harty

Partner, McCann FitzGerald

What I felt was particularly interesting about the panel session this evening was this is actually about our homes and how we live.  It is the risk of cyber-attack against the internet of things, security alarms, how our electricity works, those are the fundamental things that make us vulnerable.

Joe Hancock

Cyber Security Lead

Mishcon de Reya

I think the fact that cyber is a cultural issue is very, very important.  It isn’t just about technology, it isn’t just about business, it’s about people and changing peoples’ behaviours, really, really important.

Hugo Plowman

Partner, Mishcon de Reya

You know fraud is international.  Every case I come across now involves an international element and almost all of them are, you know, digitally enabled.  You need to have a network of people who understand how to break down these networks, how to investigate them and how to take action robustly to disrupt and degrade the threat.

IFG – International Fraud Group

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