[4] For most countries, money laundering and terrorist financing raise significant issues with regard to prevention, detection and prosecution.
The acquisition, possession or use of property, knowing at the time of receipt that such property was derived from an offense or offenses or from an act of Participation in such offense or offenses.The Financial Action Task Force on Money Laundering (FATF), which is recognized as the international standard setter for Anti-money Laundering (AML) efforts, defines the term "money laundering" briefly as "the processing of criminal proceeds to disguise their illegal origin" in order to "legitimize" the ill-gotten gains of crime.
[5] In 2009, a United Nations Office on Drugs and Crime (UNODC) study[6] estimated that criminal proceeds amounted to 3.6% of global GDP, with 2.7% (or US$1.6 trillion) being laundered.
[7][8] The Irish Department of Housing urged minister Darragh O’Brien to “ask in the strongest terms for the UAE to account for its relationship to Daniel Kinahan” a drug kingpin charged along with his brother, Christopher Kinahan in 2018 by the High Court of controlling and managing the daily drug operations in Ireland.
For several years, the Kinahan leadership had been residing in Dubai, where Daniel denied his involvement in organized crime by defending himself as a ‘high-profile businessman in the professional boxing industry’.
[1] This caused traditional rule based systems to be ineffective and led the way to machine learning and AI-based fraud detection techniques.
Interpol director recently summarized the challenges as: "We are facing an epidemic in the growth of financial fraud, leading to individuals, often vulnerable people, and companies being defrauded on a massive and global scale.