FBI visit for Jersey

FBI's perspective on Mortgage Fraud


Agents from the Federal Bureau of Investigation will be in Jersey on Friday 21st November 2008, delivering a presentation on ˜Mortgage Fraud'. The offer to receive this presentation has developed through Jersey's ongoing involvement with enforcement agencies dedicated to work in targeting Money Laundering.

Detective Inspector Mark Coxshall outlined the importance for his work as head of the Joint Financial Crimes Unit who regularly need to draw upon the cooperation of their US colleagues. That link emanates through the FBI assistant Legal attaché to London, Mr Ron Monaco, who has worked and continues to work closely with Jersey authorities.

Detective Inspector Mark Coxshall said: ˜Money Laundering is an ongoing process whereby criminals constantly seek to find new ways to circumvent law enforcement. The work of my unit would be seriously hindered without the global cooperation it receives from colleagues who are involved in similar work. Our FBI colleagues are in regular contact with Financial Crimes Unit whereby their expertise offers a crucial investigative tool to our work here in Jersey.'

Ron Monaco has responsibility for the FBI's "White Collar Crime" programme throughout the UK to include the Channel Islands, and in Ireland. Last year the Bureau offered a presentation to Guernsey based on internal corruption and the subject matter of these ongoing training opportunities tend to reflect the current vulnerabilities presented by money launderers.

Ron Monaco said ˜By coordinating this visit we jointly learn, together with our law enforcement and regulatory partners and gain a clearer understanding of the scope and nature of mortgage fraud. We hope the presentations and dialogue will enhance our knowledge of both mortgage fraud and other related money laundering activities. We have worked cooperatively and productively with the States of Jersey Police and other police services in the UK for many years and highly value our close working relationship.'
The Joint Financial Crimes Unit also works closely with the Enforcement Division of the Jersey Financial Services Commission. Many investigations overlap and offer both criminal and regulatory issues that need to be dealt with. That joint working comes to the fore when looking to obtain training opportunities with clear benefits to both areas of work.

Director of the Commission's Enforcement Division, and formally Head of the Joint Financial Crimes Unit, Mr Barry Faudemer is himself a graduate of the FBI National Academy. Mr Faudemer added:

 ˜The Commission and the financial services industry are always on alert for new trends and developments in the area of financial crime. Liaison with staff from the FBI provides an opportunity to stay ahead of the curve and develop a better understanding of how criminals are turning to mortgage fraud as a source of income.'



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