Game theory can also be used to study a wide variety of money launderer (ML/TF) behaviors in the market place.
The acts of fraud and acts of money laundering are interconnected; money laundering is a product of fraud. The resources that being spend on fraud detection and prevention within banks may well support the AML programs.
Economic crime runs through the different sectors. Economic Crime- FRAUD: All means by which one individual can get an advantage over another by false suggestions or suppression of the truth. It includes all surprise, trick, cunning or dissembling, and any unfair way by which another is cheated.
Risk and Probability: "Until we can distinguish between an event that is truly random and an event that is the result of cause and effect, we will never know whether what we see is that we'll get, nor how we got what we got from a decision we have made, though we do not know for certain what the outcome will be.
The essence of risk management lies in maximizing the areas where we have some control over the outcome while minimizing the areas where we have absolutely no control over the outcome and the linkage between effect and cause is hidden from us.” Page 197 – Chapter 12, “The Measure of Our Ignorance” From “AGAINST THE GODS”.
Criminal are adaptive and opportunist. They always devise new methods to commit crime.
