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The purpose of this paper is to propose a new approach to curbing pension fraud in Nigeria. The approach involves the use of anti-money laundering tools, procedures and expertise to advance the fight against pension fraud in Nigeria. The guidance is non-binding and does not override the purview of the National Pension Commission. The intention is to build on the revised procedures on the processing of death benefits and to complement existing circulars and guidelines issued by the National Pension Commission, including in particular the guidelines for compliance officers.

The analysis took the form of a desk study, which analyzed various documents and reports, such as the Financial Action Task Force (2012-2018), International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation (the FATF Recommendations); the Financial Action Task Force Guidance on the Risk-Based Approach to Combating Money Laundering and Terrorist Financing: High Level Principles and Procedures; National Pension Commission Regulations for Compliance Officers; the Joint Money Laundering Steering Group Guidance for the United Kingdom Financial Sector Part I, June 2017 [Amended December 2017] and the Federal Financial Institutions Examination Council (FFIEC) Bank Secrecy Act/Anti-Money Laundering Examination Manual 2014.

This paper determined that a strong due diligence process where the owner of the pension account and the next-of-kin/legal beneficiary are duly identified before the establishment of a business relationship is capable of reducing the risks associated with pension fraud to the barest minimum. This paper also determined that anti-money laundering measures, such as record keeping, suspicious transactions reporting, training for anti-fraud/money laundering compliance and an independent audit of systems and controls can help curb pension fraud.

Pension fraud involves the use of deceit or misrepresentation in connection with a pension claim. There are many different kinds of pension fraud, but the type where the fraud is aimed at stealing a person’s pension funds is what this paper is concerned with.

Although most publications on pension fraud are focused on anti-fraud measures, this paper focuses on the anti-money laundering measures which can be used by Pension Fund Administrators to curb pension fraud.

This paper describes the legal background to the Maxwell scandal in which about £500m of pension fund money was stolen, analyses some of the supposed flaws in the current arrangements for the regulation of pension schemes, and suggests possible revisions to the current law, anticipating the report of the Goode Committee on Pensions Law Reform, due in late 1993.

The purpose of this paper is to investigate if the prevalence of corruption and other unwholesome financial practices in Nigeria contributed substantially to the stunted growth of the capital market in general, and the stock market in particular.

The paper employed Gregory–Hansen cointegration approach to test the long-run equilibrium relationship between the occurrence of predatory banking practices and stock market capitalization in Nigeria.

There exists a long-run equilibrium relationship between bank fraud and stock market capitalization but with a structural break in 2005.

There is an urgent need to overhaul and re-assess from time to time the existing systems of internal checks and controls in banks, as well as other financial institutions in Nigeria.

This paper is the first to empirically test the long-run equilibrium relationship between bank fraud and stock market capitalization in Nigeria.

The purpose of this paper is to identity the prevalence and kinds of financial crime in seventeenth and eighteenth century Roman‐Dutch law.

The object is achieved by a legal and historical analysis of the available legal sources especially of the main Roman‐Dutch and other institutional authorities.

It is found that the general crime of falsity in Roman‐Dutch law had a much greater ambit than the present‐day fraud and had it survived, would have been very valuable to combat present‐day financial crime more effectively.

Further research on other Roman‐Dutch sources on falsity.

The paper shows there is much to learn from legal history in that the recognition of a general crime of falsity will very valuable to combat present‐day financial crime much more effectively. Of value to everybody engaged in the battle against financial crime.

This paper examines the role of professional associations, governmental agencies, and international accounting and auditing bodies in promulgating standards to deter and detect fraud, domestically and abroad. Specifically, it focuses on the role played by the US Securities and Exchange Commission (SEC), the American Institute of Certified Public Accountants (AICPA), the Institute of Internal Auditors (IIA), the Institute of Management Accountants (IMA), the Association of Certified Fraud Examiners (ACFE), the US Government Accounting Office (GAO), and other national and foreign professional associations, in promulgating auditing standards and procedures to prevent fraud in financial statements and other white‐collar crimes. It also examines several fraud cases and the impact of management and employee fraud on the various business sectors such as insurance, banking, health care, and manufacturing, as well as the role of management, the boards of directors, the audit committees, auditors, and fraud examiners and their liability in the fraud prevention and investigation.

In June 1994, and despite serions misgivings front the finance industry and investors alike, the Personal Investment Authority (PIA) was ‘recognised’ as the new retail self‐regulatory organisation (SRO)for the investment business industry in the UK. This paper traces the background to this event and the development of the PIA from inauguration to recognition. It also examines the concerns expressed by its critics and the findings of the all‐party Treasury and Civil Service Committee, which produced an interim report on the subject. It concludes by considering some alternative reform proposals and asking what the future holds for the PIA.

The purpose of this paper is to analyse fraud investigative practice in London local authorities with reference to recognised best practice and two comparator organisations, the Department for Work and Pensions (DWP) and National Health Service (NHS).

Primary research was undertaken through questionnaires to all London Boroughs and interviews with key personnel in two comparator organisations.

Each London Borough has a specialist anti‐fraud response with professionally qualified investigators, demonstrates compliance with best practice and excels in areas such as case supervision and joint working. However, concerns remain, regarding a lack of agreed national standards and some failing to use the full range of investigative techniques, such as surveillance and computer forensic examination.

The research was limited to London local government and further work is needed outside the capital.

Recommendations are made for: the introduction of national professional guidance to investigators; minimum competency standards for fraud investigation; research into the applicability of the National Intelligence Model to high volume fraud; and a less fragmented approach both within and across local authorities.

There has been no previous research of this type and it may be useful to government when considering how to deal with fraud, local authorities and those with an interest in public sector fraud.

The purpose of this paper is to provide evidence, from the analysis of 132 fraud risk measurement exercises, of the average costs and rates of fraud. It advocates greater use of more accurate measurement which if monitored and repeated can secure reductions which could amount to a new competitive advantage.

This paper has analysed 132 fraud risk measurement exercises from nine countries in a range of different sectors. Only those which assess a statistically valid sample which have sought and examined information indicating the presence of fraud, error or correctness in each case within that sample; have been completed and reported; have been externally validated; have a measurable level of statistical confidence; and have a measurable level of accuracy were included. Each exercise has been assessed to determine the percentage loss rate (PLR) and the fraud frequency rate (FFR). These data were analysed using Excel to determine average rates and further comparable data.

Fraud and error losses in an organisation should currently be expected to be at least 3 per cent, probably more than 5 per cent and possibly more than 9 per cent. The PLR when first measured has been found to be 5.40 per cent and 4.61 per cent when last measured, representing an average reduction of just under 15 per cent. The paper shows fraud and error can be measured and if regularly this incentivizes action to reduce it reaping financial benefits to the organization.

The vast majority of the data are drawn from fraud risk measurement exercises in the public sector in large organizations.

The paper advocates greater use of fraud risk measurement and counter fraud strategies tailored to reduce losses.

This is the first analysis of fraud risk measurement exercises across the globe.

The purpose of this study is to explore how a large UK police force – Greater Manchester Police (GMP) – sought during a period of continuing budget reductions to take a cost-effective approach to certain types of fraud through the establishment of a central Volume Fraud Team (VFT), which in turn would also have wider operational resource benefits across the force. It then explores the decision to merge that team with its existing serious and complex fraud team.

The research was undertaken over a period of two years by interview and desk review to explain the internal processes which underpinned the approach and the initial outcomes. It discusses why the approach was short lived as a consequence of other factors.

The paper sets out briefly the context of changes to the policing of fraud since 1979 and describes the GMP decision-making processes that established a centralised response to volume fraud and major (serious and complex) fraud. The paper assesses the available data on the approach and whether the changes facilitated a more effective means of addressing fraud and other internal policing priorities. It then discusses the decision in 2014 to merge the staff resources for volume and major frauds in response to identified policy trends in fraud investigations and changes in fraud reporting.

The single case study is limited in terms of focus and in applicability to the wider law enforcement response to fraud.

The research discusses practitioner issues arising from the complexities of balancing resources and priorities against changing trends and patterns of criminal activity in a specific area of policing.

The research is an original study into the internal and external change agendas, and there are, therefore, wider lessons for the policing of fraud in the UK.

The purpose of this study is to assess, since the 2006 Fraud Review, recommendations, strategies and consequential organisational and other changes at national, regional and local levels relating to fraud, using the Northeast as a case study. It also notes that implementation may have been influenced by institutional changes and related emerging governmental policy agendas and institutional changes relating to organised crime, terrorism and cybercrime.

The research for the paper was undertaken by desk reviews of primary and secondary material. The paper also involved face-to-face interviews with personnel from the regional fraud unit and the three North-east police forces’ fraud units. The interviews were semi-structured and were conducted on grounds of anonymity for the personnel and the forces involved, with a focus on trends and issues. The personnel were invited to comment on a draft of the paper in terms of accuracy of the information they provided; no revisions or additions were proposed. Interpretation of that information is the sole responsibility of the author.

The paper finds that, despite the decade since the Fraud Review, issues of effectiveness or relevance of national fraud strategies, absence of incentives and identifiable benefits and continuous influence of competing agendas on police priorities continue to marginalise fraud as a mainstream police function and limit the level of resource committed to what also continues to be a rising area of criminality.

The research looks at the recommendations, strategies and consequential organisational and other changes at national, regional and local levels through implementation by four policing units in the North-east. It also notes that implementation may have been influenced by institutional changes and related emerging governmental policy agendas and institutional changes relating to organised crime, terrorism and cybercrime. While the research is limited in that, it draws on the experience of three local and one regional fraud unit; its findings support further research about the implementation of strategies and agendas in practice on the ground.

The research validates many of the findings by Her Majesty’s Inspectorate of Constabulary (HMIC) and supports the need to review national strategies to ensure effective implementation at local level for what also continues to be a rising area of criminality.

The research raises important issues concerning public concern over fraud where majority of frauds are of high volume, low value with low levels of recovery and usually targeted at individuals but where the policing responses are targeted elsewhere.

The research is the first study on the local implementation of national strategies on fraud and raises positive and less positive aspects of how far national strategies and intentions are addressed on the ground.