Advance fee fraud: trends and issues in the Caribbean
Purpose – The purpose of this paper is to discuss the trends and issues involved in advance fee fraud in the Caribbean.Design/methodology/approach – The paper offers a definition of advance fee fraud, describing its practice in the context of the Caribbean. The paper outlines the current state of the law in the region, the need for action and the legislative and enforcement strategies required.Findings – International and regional efforts have been geared towards drug trafficking and money laundering and, in more recent times, terrorism. The time is now ripe for these international and regional efforts to add to their focus advance fee fraud in all its versions and variations. The need to take proactive and decisive measures against advance fee fraud is even more evident in the context of the growth in the use of technology in commerce due to the obvious economic advantage. Advance fee fraud is not just a trick or reward for greed, it is an economic crime and there must be a drastic response from the regi...
Money Laundering Control in the Caribbean
Money Laundering-Methods, Risks, and Consequences Offshore Financial Havens and Money Laundering The Evolution of Money Laundering Control - A Historical Examination of Regional and International Initiatives Making Crime a Non-Profit Activity - Confiscation and Forfeiture Criminal Liability for Money Laundering The Civil Law Dimension The Prevention and Detection of Money Laundering International Co-operation The Long Arm of American Anti-Money Laundering Laws The Impact of "Name-Calling" on the Future of Caribbean Money Laundering Control.
Appraisal of Nigerian Advance Fee Fraud Legislation 1995
Nigeria has been invaded by ingenious and dare devil fraudsters comprising her own nationals and aliens. The proportion and frequency of the activities of these syndicates in perpetuating organised economic crimes are alarming not only to Nigerian society but to the international community. The frightening degree of sophistication in the mode of operation aided by modern communication gadgets, electronics, telecommunication equipment such as telex, fascimiles, computers etc have ensured the speedy commission of criminal activity. Huge sums of money and much property has been lost through dishonest means and wrongfully acquired by these parasites. This dangerous trend must be arrested if sanity, security, confidence and a viable economy are to be restored. It is clear that the statutory provisions governing economic crimes, particularly obtaining by false pretences, stealing and theft of funds, other crimes committed with the aid of forgery, offences relating to consumers' fraud in the form of false advertising, production or supply of substandard goods, tax evasion, fraudulent/fake/disguiscd bankruptcy, over‐invoicing, maritime fraud schemes, falsifying books of account, bank frauds, false statements made to auditors or inside a company's prospectus and the penalties stipulated therein are now inadequate for the containment of these economic and organised crimes. Therefore, legislation more punitive, more drastic, even ruthless is required to eradicate or save society from the scourges of crime and express the dislike, anger, disgust and vengeance of the public. The piece of legislation styled Advance Fee Fraud and Other Fraud Related Offences, Decree No. 13 (1995) ‘AFFAOFRO’, hereinafter called the ‘Decree’, is a remarkable one which wields a sledgehammer. It is a statute of very strict liability by virtue of several ranges of stiffer penalties stipulated for the various categories of offences. Below is an examination of the framework of the more noteworthy provisions and the resultant impact on the existing common law, statutory rules and recommended reforms.