#QuickBiteCompliance Day 103
💡 What is Evasion in Financial Crime? Let’s Break it Down!
Imagine you’re playing a game where certain areas are “off-limits.” You know the rules, but some people—let’s call them the “bad guys”—find sneaky ways to break those rules without getting caught. In the world of financial crime, this sneaky behavior is called evasion.
Here’s how it works:
1️⃣ Hiding Money: Bad guys hide their money in places where no one is looking, like secret bank accounts in another country. This way, they can avoid being noticed by the good guys (law enforcement).
2️⃣ Using Fake Names: Instead of using their real names, they use fake ones or create companies that don’t actually exist. This makes it harder to figure out who’s behind the illegal activity.
3️⃣ Trading in Secret: Some bad guys trade goods like diamonds, gold, or even weapons in secret, avoiding rules designed to stop this kind of activity.
4️⃣ Crypto Tricks: They might use cryptocurrency like Bitcoin to move money quickly and quietly, making it tough to track.
Why does this matter? Because these tricks allow bad guys to fund harmful activities, like terrorism, drug trafficking, or even human trafficking. When they succeed, it makes the world a more dangerous place.
How do we stop them?
🕵️ Financial crime experts like me work to spot these tricks and stop them in their tracks. By following the money and enforcing sanctions, we make it harder for bad guys to get away with their schemes.
🌍 Together, we can create a safer, more honest world.
#FinancialCrime #SanctionsEvasion #AML #AntiMoneyLaundering #CryptoCrime #ComplianceMatters #StopFinancialCrime #InclusiveRegtech #OpenSourceAML
Source: https://www.acams.org/en/resources/aml-glossary-of-terms
