How technology helps in financial investigations
A significant part of the work that Matrix Forensic undertakes relates to the Proceeds of Crime Act (PoCA) and in particular, confiscation proceedings.
Under PoCA, the police and many other government agencies are able to recover money that has been gained from the illegal activities of convicted criminals. The stance of the police and other authorities is that any unexplained money or assets that they identify, result from the proceeds of crime.
As the Forensic Accountant, it is our role to carry out our own independent analysis of the client’s financial records in order to try and challenge the figure attributed by the police as being the proceeds of crime. This may involve us in the analysis of hundreds of bank and credit card accounts extending over periods of up to six years; this in itself, may involve the examination of hundreds of thousands of entries and cross matching to other financial records.
To help us in our work, we have at our disposal the latest in investigation tools to analyse of the reams of data typically found in high value criminal and fraud investigations. Whilst we are reliant on the use of spread sheets, these in themselves are not sufficient to cope with the high volumes of data in a timely and cost effective manner.
One of the tools that we have in our armoury is Altia Solutions‘ software package, comprising the Investigation Toolkit and Financial Analysis Toolbar. The software centres on the use of tools to help automate the processing of multiple spread sheets in order to probe the vast amounts of transactional information.
Altia’s products, allows us to match any financial investigation carried out by the police and to compile our own results in order to challenge their conclusions. This allows us to present an independent report to the Court, carried out to our exacting standards that will assist the defence to contest the prosecution evidence in a robust manner.
For further information on PoCA or confiscation, please visit http://www.matrixforensic.co.uk/criminal/proceeds-crime/