USAO warns of more financial crimes

THURSDAY, 23 SEPTEMBER 2010 04:13 BY JENNIFER NAYLOR GESICK | VARIETY NEWS STAFF

U.S Attorney Alicia Limtiaco warned more financial crimes may occur in Guam as the multi-billion military buildup unfolds.

Limtiaco made the statement at yesterday’s opening of the conference about financial crime where 214 people attended at the Hilton Resort.

The conference which will conclude today aims to help participants train and prepare for the possible increase in financial crimes that may come with the billions of dollars flowing into Guam for the military buildup.

“This training is very important in order to provide the skill set to our law enforcement, regulatory and other financial stakeholders to be better able to identify, assist in investigations and prosecution of these types of crimes,” she said.

Highlights of the Bank Secrecy Act/Anti-Money Laundering/Financial Crimes Bankers and Law Enforcement Conference include sessions on the bank secrecy act, money laundering act, mortgage fraud, bulk cash smuggling, ATM fraud and other fraudulent practices.

They also have training on foreign assets control regulations, internal bank fraud, terrorist financing, the Guam military buildup and identifying and preventing fraud, internal movement of money in the Pacific and Asia region

Trainers for the conference are from the law enforcement and regulatory communities at both the local and federal level as well as private sector trainers from a variety of agencies.

Some of the agencies represented at the conference include the Federal Bureau of Investigation, Internal Revenue Service, the Bureau of Alcohol Tobacco, Firearms and Explosives, Immigration and Customs Enforcement, U.S. Secret Service and more.

“The information, the training that our participants are receiving today from the high calibur speakers...is consistent with the mission of the Financial Fraud Enforcement Task Force established in November 2009 by President Obama and the mission of the Department of Justice,” said Limtiaco.

“We are working together strengthening our collaborative and proactive effort in investigating and prosecuting financial crimes,” Limtiaco added.

The conference was the idea of a member of the Marianas chapter of the International Association of Financial Crimes Investigators.

The group’s president, Danny Rapadas spoke about the non-profit organization that provides an environment within which information about financial fraud, fraud investigation and fraud prevention methods can be collected and taught.

There are over 4,000 members of the organization worldwide and includes employees of financial institutions, law enforcement agencies, and crime investigators for large retail stores.

The Marianas chapter was started about a year ago. He said Guam’s location provides many advantages and disadvantages, but one of the disadvantages is access to training. The group originally came up with the idea, and received a great response from federal officials and other people were very interested.