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Economic crime is impacting all aspects of society – citizens, governments and businesses. Fraud, money laundering, bribery and corruption and terrorist financing expose the most vulnerable in society to exploitation by organised criminal gangs, through crimes such as people trafficking, modern slavery, and child sexual exploitation.


Whilst the public and private sectors have invested heavily to combat the threat, with many high-profile successes, tackling criminal activity continues to be a challenge for the ‘system’ – government, law enforcement, regulators, corporates and financial institutions – as organised gangs operate with a level of speed and sophistication which is difficult to counter.


Delivering a step-change requires a coordinated ‘whole system’ response. Deloitte works across the system to enhance its ability to Prevent economic crime, Disrupt sophisticated corporate frauds and the flows of illicit finance which underpin the activity of organised crime groups, and Illuminate the complex networks of criminality.

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Services

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Public sector

Government and law enforcement need to work closely together with each other, and with the private sector, to deliver effective policies and solutions. Solutions that make best use of data, technology and international collaboration. This is where we can help.

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Financial services

Ethical misconduct and crimes such as fraud, money laundering, sanctions, bribery and corruption can have devastating consequences on society. We help financial institutions protect, monitor and respond against the threats of economic crime.

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Corporates

Corporates have a key role in the prevention of economic crime, for example through fraud prevention and helping to prevent trade based money laundering. We help corporates build a risk and control framework that helps combat the everyday struggle to tackle economic crime.

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Client success stories

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Identification and protection against economic crime risks


The Client challenge
Our client, a global drinks manufacturer, was looking to make a significant acquisition of a company based in a country in which the payment of bribes and facilitation payments was believed to be common practice. They wanted to understand whether acquisition of the target would expose their company to global anti-bribery legislation due to the practices being adopted by its large workforce. In the event that there had been a history of making bribes or facilitation payments, our client wanted to be on the front foot in terms of being able to adapt practices in order to bring them into line with global anti-bribery legislation.


How we added value
Our team of forensic accountants and anti-bribery experts, with a depth of experience in FCPA investigations, performed a large desk-based review of relevant policies, procedures, contracts and other documentation to assess the anti-bribery framework and controls in place. It followed this up with a comprehensive transaction testing exercise which focused on higher risk accounting ledgers and involved vouching to physical documentation at the client’s premises and making enquiries. We also worked closely with the client’s internal and external counsel and jointly undertook more than 50 interviews of staff at all levels of the organisation to better understand sales and other practices and assess the bribery risk.


Impact
Our detailed report findings and recommendations provided the client with the necessary detail they needed to make an informed decision on the acquisition and put them in the best possible position to implement any necessary remedial measures post acquisition.

Embedding an economic crime compliance programme globally


The client challenge
We were engaged by a global steel manufacturing client to develop a testing methodology and deliver a joint sanctions, export controls and anti-bribery & corruption programme globally.


How we added value
We developed a programme that covered multiple different business units over 24 countries, examining compliance with both local, US and UK extra-territorial legislation in these domains, which required interactions with various government officials across several jurisdictions. We deployed multiple teams to conduct this work concurrently, and also identified potentially suspicious transactions for review, which required data collection (electronic and hard copy), accounting analysis, electronic data review, hardcopy documentation review and interviews with relevant individuals.

The delivery of this work involved updates to key stakeholders at regular intervals and interactions with various government officials across several jurisdictions. We worked together with the Internal Audit and Legal teams to deliver this service, ensuring knowledge transfer and upskilling of in-house resource throughout the project.


Impact
Our work provided our client with critical insight into key risks and exposure the business faced around anti-bribery and corruption and sanctions compliance. We developed a prioritised roadmap of recommended actions to address gaps identified.

Monitoring suspicious behaviour for a global oil company


The client challenge
A multinational oil and gas company received allegations of wrongdoing through their company hotline over four years which they needed to investigate.


How we added value
We set up a team of over 150 people to review each of the allegations received. We worked with our client’s internal investigation team to address more than 1,000 allegations, including, vendor kickbacks, corruption, bid rigging, and employee harassment.


Impact
Our reports enabled our client to take necessary actions regarding vendors and employees that were involved in improper activities. We reduced the backlog of non-addressed allegations and supported our client to ensure action remains up to date.

Investigating occurrences of fraud


The client challenge
A global aerospace company received whistle blower allegations that it had breached public procurement rules and overcharged the UK government by £millions over a ten-year period.


How we added value
We developed an investigation strategy and rapidly mobilised a specialist team to undertake the work. We conducted fact finding meetings, reviewed electronic evidence and analysed accounting records in order to assess the substance of the allegations and to establish the factual position such that the organisation could respond in a timely manner.


Impact
Our work gave our client an understanding of the financial and regulatory implications of any potential misconduct and enabled them to take necessary remedial action. This included reaching a commercial settlement with government, making any necessary adjustments to its financial reporting and liaising with regulatory authorities.

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Key contacts

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Chris Bostock

Director, Financial Advisory - Forensic

Tim Newman

Director, Consulting