Financial crime is generally defined as any activity involving fraudulent or dishonest behaviour for personal financial gain. Financial crime refers to all crimes committed by an individual or a group of individuals that involve taking money or other property that belongs to someone else to obtain financial or professional gain. The two most significant types of financial crime are money laundering and the financing of terrorism.
Financial compliance is a significant international concern: the global cost of compliance in the financial sector is estimated to be around 180.9 billion U.S. dollars annually. Financial crime is a multi-trillion-dollar business for criminal organizations. According to the United Nations Office on Drugs and Crime, it is estimated that up to 2 trillion U.S. dollars of illicit funds are laundered through global financial networks every year. Such represents between two to five percent of global GDP and is increasing yearly. It is estimated that only one percent of illicit financial flows are intercepted globally.
GEMM Business Consultants Limited Forensic Accounting & Fraud Investigations is a specialist division of GEMM responsible for the provision of expert evidence, other forensic accounting investigations and business and intangible asset valuations whether as part of a litigation process or otherwise.
