October 31, 2008
Right Side News
From The Cornerstone Report, Safeguarding America Through Financial Investigations
"Cornerstone is ICEs initiative to detect and close down weaknesses within U.S. financial, trade and transportation sectors that can be exploited by criminal networks. Active partnership between law enforcement and the private sector is a key component of Cornerstone. We build partnerships by sharing law enforcement typologies and methods with businesses and industries that manage the very systems that terrorists and criminal organizations seek to exploit.
This sharing of information allows the financial and trade community to take precautions in order to protect themselves from exploitation. In return, ICE receives information, "red flags", tips, and insight from these industries to more effectively investigate these complex and sophisticated criminal schemes.
In 2003, as part of an effort to assist foreign nations to locate and seize profits from public corruption, ICE established the first dedicated Foreign Corruption Investigations Group (FCIG) in the nation. (full 
Cornerstone Report Oct 08)
The mission of the FCIG is to prevent foreign derived ill-gotten gains from entering the U.S. financial infrastructure, to seize identified assets in the United States and to repatriate these funds to the victimized governments. The FCIG conducts investigations into the laundering of proceeds emanating from foreign public corruption, bribery, or embezzlement. FCIG investigations are worked jointly with representatives of the victimized foreign government.
ICE plays an integral role in the effort to identify, investigate and arrest the perpetrators of foreign corruption. Additionally, ICE has the ability to seize, forfeit, and repatriate the funds to its rightful owners-the citizens of the victimized foreign governments. Investigative results are shared with the appropriate domestic and international ICE offices as well as with law enforcement partners worldwide to assist in ongoing investigations.
Red Flag Indicators
General Foreign Corruption
Politically exposed persons (PEPs) have or had positions of public trust within a country such as government officials, senior executives of government corporations, politicians, or important political party officials. This term also includes the political figure's immediate family members and close associates, to include advisors, attorneys, accountants, and members of their entourage, or any other person who asserts influence over the official. Financial activity related to foreign corruption may include:
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Accumulation of assets that greatly exceeds the legitimate or publicly stated income of a public official;
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The use of a nation's central bank or government-owned bank to make personal purchases, such as residential property, automobiles, or luxury items;
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Attempts by an individual to mask the true beneficial ownership of an account;
High-dollar transactions involving corporations with limited or no public information available (shell corporations); -
Outgoing wire transfers to haven countries and/or shell companies from official accounts or sub accounts; and
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Layering transactions by transferring funds from a foreign account to a U.S. bank and almost immediately transferring the same funds out to another bank.
