The problem of money laundering is not a new one, but with questions being asked regarding the funding of terrorist activity and serious and organised crime, the need to tackle the offence is increasingly becoming a priority.
So reports software firm i2. Hiding the proceeds of criminal activity – or at the very least, illegitimate activity – such as drugs or arms trading, fraud or even tax evasion creates a complex investigation for the private companies and law enforcement agencies involved.
Paul Holroyd, general manager for i2, said: "Through the use of ever-changing technology the world is becoming a much smaller place for criminals to operate in. This makes the job of an investigator even more complex than ever before, resulting in masses of data, from multiple agencies across the world."
The need to understand criminal networks, the extent of laundering activity and the methods employed, as well as looking at the bigger picture of the criminal activity they are involved in, is vital to tackling the problem.
Using the i2 Analyst’s Notebook, links and associations to people, places and events can be easily identified, it is claimed. Criminal networks and hierarchies can be established and allow for the understanding of the nature of communication and the means of funding, while determining the sequence of events and occurrences, using specific timeline analysis.
Paul added: "Money laundering is, generally, a small part of a much bigger network of criminal activity – both in this country and abroad. i2’s software allows investigators and analysts to look at patterns within the information they already hold about an individual or an incident, to obtain a clear picture of criminal activity.
"Using Analyst’s Notebook means that analysts and investigators can share information in an easy to use, simple to comprehend format that allows the rapid understanding of complex situations."
i2 are exhibiting at the Institute of Money Laundering Professionals annual conference on Monday 14th and Tuesday 15th May, at The Midland Hotel in Manchester.
