How to Fight Against Money Laundering with a Crime and Intelligence Analyst Degree

Financial crimes are becoming more complex and higher in profile, there has been a renewed interest in innovative ways to prevent fraud and other financial schemes that seek to conceal wrongdoing. One of the biggest challenges facing law enforcement and intelligence agencies today is the threat posed by money laundering to the financial sector and the security of governments around the world.

Let's take a closer look at money laundering and how the authorities are trying to combat it, as well as how you can join the fight against financial crimes.

What Is Money Laundering?

Money laundering is best known as a tool of criminal organizations to conceal the source of income that has been generated from criminal enterprises. It is a process of disguising the origin of funds to that they can be spent freely without suspicion. After all, the primary reason for criminal actions is to realize a profit and enjoy what the money can buy.

However, not all these motives are so well defined. Money laundering can attempt to conceal anything, including money earned from the sale of narcotics. The actual laundering may be performed by wiring the money to different countries, purchasing items that can be widely sold for a profit, or even making a donation to a charity or nonprofit that uses the money as instructed to achieve the aim of the criminal organization.

How Does Law Enforcement Combat Money Laundering?

In order to combat money laundering, a great deal of financial analysis is required. There are instruments in the financial system that allow a measure of transparency in regards to financial transactions, and attempts to circumvent these instruments are a big indicator of money laundering activity. A financial analyst assigned to detecting money laundering activity must understand the typologies, or techniques, that money launderers use to conceal the source of the money being laundered.

These analysts may work for a government agency such as the United State Secret Service or an international entity such as the International Monetary Fund (IMF) Financial Action Task Force (FATF). In addition to analysis, enforcing Customer Due Diligence (CDD) is incredibly important as it protects legitimate institutions from becoming unwitting accomplices in the money laundering process.

Any activity either detected by analysts or suspected by financial institutions performing CDD are usually referred to the local Financial Intelligence Unit (FIU) of the nation or nations involved. If there is sufficient evidence to proceed, the accounts can be frozen or even seized and the parties may be arrested.

The Role of Financial Criminal and Intelligence Analysts

Financial crimes such as money laundering can be sufficiently complex and arcane that law enforcement and intelligence agencies hire specialists in financial crimes with a strong background in the analysis and detection of criminal activity throughout the financial system. These professionals have perhaps the most important role in prevention of money laundering as well as the funding of criminal enterprises and terrorism through the use of the funds garnered from these activities.

These financial analysts break down key information gathered from the financial sector and detect irregularities that may indicate illicit activity. They may work with other specialists such as forensic accountants and criminal investigators to build a case against the guilty party. This may involve the collection of evidence, ruling out irrelevant information, assessment of sources, sharing information with other agencies, and written analysis to explain the significance of information gathered.

Requirements to Become a Financial Criminal Analyst

As you may have gathered, a deeply specialized education is required to start a career in the field of criminal analysis, especially for financial crimes such as money laundering. Not only must the applicant have a strong background in criminal justice, they also need a specialized knowledge of the financial industry and the methods criminals use to conceal financial crimes.

A bachelor's degree in criminal justice is a mandatory requirement for an entry level position, and in some cases a master's degree or even a doctorate may be required as the agent climbs the career ladder.  A focus in criminal intelligence and analysis could help your chances of employment as well.

Stopping Money Laundering Can Begin With One Phone Call

Do you want to join the fight against money laundering, graft, fraud, bribery, and other financial crimes? One phone call can be the beginning of a new career. ECPI University offers a Bachelor of Science in Criminal Justice Crime and Intelligence Analysis degree on our year-round schedule. For more information, connect with a helpful admissions counselor today.

It could be the Best Decision You Ever Make!

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