Asset and Financial Investigation

Asset and financial investigation is a key element in combatting organized crime. It involves tracing, identifying and verifying assets of individuals and corporate entities for use in legal proceedings.

For example, if someone fails to pay a debt claiming lack of financial means, an investigator can verify or refute this claim. 심부름센터

Hidden Assets

Keeping assets secret can help conceal illegal activities, avoid taxes and fees, or protect against lawsuits. During divorce proceedings, hidden assets can also be used to conceal earnings from a spouse. There are many ways someone can hide assets from you, including buying a property under a different name or using a trust.

Financial investigations can uncover hidden assets by reviewing tax forms, bank statements, and other documentation. Investigators can examine deposit and withdrawal patterns, inconsistencies on income-generating investments, uncashed traveler’s checks, buried cash in vehicles or homes, and other clues. Working with forensic accountants can be very helpful in identifying discrepancies and evaluating the true value of assets to help you obtain a fair settlement.

Hiding assets can be challenging to discover as accounting standards influence how assets are reported. For example, real estate is listed at historical cost under Generally Accepted Accounting Principles, but the value of the asset might rise significantly over time, which is not captured on a company’s balance sheet.

A thorough financial investigation can reveal domestic and foreign assets that a person or business may be hiding. Often times, people will try to hide money by moving it between accounts or into an offshore account. A search of a person’s tax records can uncover hidden assets by analyzing Schedule E, which details income-generating investments such as real estate, royalties, and trusts.

Money Laundering

Money laundering is a worldwide problem that costs nations and businesses billions of dollars every year. The underlying crimes that fuel this problem include smuggling, illegal arms sales, embezzlement, insider trading and bribery. Despite its staggering size, this crime can be difficult to detect. A financial institution’s compliance department must abide by national and international anti-money laundering (AML) regulations and spot suspicious activity that could indicate a money-laundering scheme is underway.

The first stage of money laundering is placement, when illegally acquired funds enter the financial system. Criminals hide the origin of these funds by combining multiple transactions that obscure their true source and create an illegitimate cover story for the illegal cash. This may involve purchasing monetary instruments that can be converted to cash and depositing those funds into bank accounts, or breaking up large sums of cash into smaller deposits that are deposited over time at different locations.

The second stage is layering, which separates the illegally sourced money from its original source by creating additional layers of transaction. Criminals will often invest or exchange these layered funds for items like art, real estate and vehicles that have high resale values. The final stage is integration, in which criminals reintroduce the “cleaned” money into the mainstream economy by investing it in legal business or personal investments.

Identity Theft

Taking or using another person’s personal identifying information (PII) can have serious consequences, including financial loss. It’s important to monitor your credit card statements, bank accounts and any other financial records for unauthorized activity. Other signs of identity theft include unexplained withdrawals from your account or calls from collection agencies about debts that aren’t yours. If you suspect fraud, report it to the federal agency responsible for addressing your specific type of crime.

Types of identity theft include credit card, banking and medical identity theft; child identity theft; synthetic identity theft; and other forms of identity fraud. Criminals can use your PII to make purchases in your name, file tax returns and claim refunds; get health insurance services or benefits; obtain mortgages and deeds in your name; and expose your personal information online through “doxing” attacks.

Financial identity theft is one of the most common types of fraud, and it can cause significant damage to your financial reputation. You can help protect yourself from this type of crime by keeping your credit card account passwords secure and not sharing your PIN with anyone. You should also keep a close eye on your bank statements and any other financial records, and respond immediately to any suspicious transactions. You can also contact your local law enforcement department or the Federal Trade Commission for help.

Fraud

Fraud, including counterfeiting, embezzlement and insider trading, costs businesses major losses in revenue every year. It’s essential that business leaders have a solid plan for responding to fraud allegations, whether they stem from internal or external sources. The plan should cover how leaders in different company locations respond to the allegations, when they will seek outside professionals’ help and what steps will be taken to prevent future fraud.

Often, fraud is committed by employees, especially those with access to cash and inventory. Warehouse and procurement employees, in particular, are at higher risk of fraudulent activities. With a financial investigation, experts can determine if employees are stealing from their employers by examining the company’s accounting records.

Financial investigations can also reveal the use of hidden accounts. Fraudulent gains are often transferred to offshore centers, corporate vehicles, nominees, intermediaries and “straw men.” A thorough search for and careful analysis of these accounts is a crucial part of any fraud investigation.

Using digital forensics, investigators can search for key information like email contents, new account setup forms, details or confirmations related to wire transfers, mobile payments and the use of various accounting software programs. They can also look for transactions that are deliberately broken up to avoid triggering suspicious activity reports. This type of transaction structuring is often accomplished by depositing amounts below reporting thresholds or using multiple bank accounts to conceal activity.