US law enforcement strategies to combat organized crime threats to financial institutions

Abstract

Purpose – This paper seeks to identify the internal threats posed to financial institutions by international organized crime (IOC) groups, and outline relevant law enforcement strategies.Design/methodology/approach – Case studies and historical data from several US law enforcement agencies were relied on to identify the IOC threats, and to provide a subjective description of a strategic framework.Findings – IOC has steadily expanded its presence, sophistication and influence, and today poses a substantial threat to financial institutions and markets throughout the world. IOC groups routinely utilize corrupt bank employees, attorneys, accountants and other gatekeepers, or “enemy insiders,” in a wide array of complex schemes involving money laundering, financial fraud, and high‐tech computer intrusions resulting in billions of dollars of losses each year to individual consumers and the global economy. A comprehensive law enforcement strategy to combat IOC must prioritize the threats, marshal intelligence, c...