#QuickbiteCompliance day 241
🔍 Keeping Up with the “Big Cheese” from Other Countries: How Bad Guys Use Power to Steal Money!
Hey everyone! Let’s talk about Senior Foreign Political Figures (SFPFs)—a fancy U.S. term for powerful people in other countries, like presidents, ministers, or generals. These folks aren’t bad by default, but their power makes them targets for sneaky money crimes. Here’s how bad guys use them ⤵️
💸 1. The “Magic Bank Account” Trick
Imagine someone steals $1 million from their country’s hospital funds. They can’t stash it in their own bank—so they ask their cousin in another country to hide it. The cousin opens accounts under fake company names (like “Boring Tile Inc.”), and poof—the stolen money looks “clean”!
🤝 2. The “Helpful Friend” Game
A mining company wants land owned by farmers. Instead of asking fairly, they “gift” a minister’s best friend with cash. The friend buys the land, kicks out the farmers, and the minister gets a cut. Everyone loses except the crooks!
🛍️ 3. Family Shopping Spree
A leader’s son buys a $5 million yacht but says it’s for “fishing research.” Banks don’t ask questions because of his famous dad. Later, police find out the money came from bribes. Oops!
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### 🛡️ How Do We Stop This?
Simple tools can help!
– #InclusiveRegtech: Cheap/free tech that spots shady money moves (like a superhero for banks!).
– #OpenSourceAML: Sharing crime-fighting tips globally—like a group chat for good guys!
💡 Fun fact: SFPFs stay “high-risk” forever—even after retiring!
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Sources:
Glossary: [ACAMS AML Terms](https://www.acams.org/en/resources/aml-glossary-of-terms)
Example: [Teodorin Obiang’s $8M seized!](https://www.sanctions.io/blog/understanding-the-heightened-risk-of-money-laundering-posed-by-politically-exposed-persons-peps)
#FinancialCrime #AntiMoneyLaundering #SFPF #PEPs #GoodGovernance #InclusiveRegtech #OpenSourceAML #100HariNulis #StayAlert 😊
👉 P.S. Always ask: “Where did this money really come from?”
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♻️ Repost if you believe transparency beats corruption!