Professor Moyara Ruehsen oversees the Financial Crime Management program, which offers a specialization for master’s degree candidates as well as a stand-alone certificate for mid-career professionals. She has published articles and book chapters on a variety of topics related to threat finance and is a Certified Anti-Money Laundering Specialist and a Certified Financial Crime Specialist. Professor Ruehsen teaches financial crime-related courses on a variety of topics including money laundering, trade-based financial crime, corruption, proliferation financing, terrorist financing and cyber-enabled financial crime.
Before coming to MIIS, Professor Ruehsen received three graduate degrees from Johns Hopkins University, and spent a post-doc year at the University of California, Berkeley, to study international organized crime.Her regional areas of interest include South Asia, Southeast Asia and the Middle East, where she spent a year as a Fulbright scholar.
Professor Ruehsen also consults for the U.S. government, multilateral organizations and the private sector.She served for several years on the Editorial Advisory Board of Money Laundering Alert, and the Middle East Task Force of ACAMS (Association of Certified Anti-Money Laundering Specialists).
Cyber-enabled financial crime includes everything from the most sophisticated malware intrusions to the simple purchase of stolen data to commit clever spear-phishing schemes. Throughout the semester we will examine the most common ways cybercriminals are generating ill-gotten gains, who are these cybercriminals and who are their targets, how they launder those criminal proceeds, and what the public and private sector can do to defend themselves and neutralize these threats. No prior background in cybersecurity is required, although it would certainly be helpful. The deliverables for the course will include a 7 to 10 page case study and a 5 minute video with fairly high production values. The best videos will be selected for showcasing at the Monterey Threat Financing Forum in March. Some of the homework assignments and tutorials outside of class will be devoted to video production. Although the course is designed for students in the Financial Crime Management specialization, who have already successfully completed the three core courses in the FCM curriculum and would like to explore cyber-enabled financial crimes more deeply, 2nd year students with a strong interest in cybersecurity are also welcome.
This course begins with an introduction to financial crime, beginning with traditional money laundering schemes, and then delves more deeply into financial crimes related to trade and investment, such as false trade invoicing, the black market “peso” exchange, the use of high value metals, and sanctions circumvention. Prevailing* laws, regulations and best practices will be reviewed. Students will look at a few case studies and learn how to spot “red flag” indicators, and conduct a simulation in class. This will require critical thinking. Students will also complete a take-home exercise involving visual presentation skills requiring the ability to convey a complex crime schematically.
This course is designed for students who hope to become financial crime specialists, or merely gain fundamental knowledge of financial crime risks and regulations. This expertise is useful for careers in public or private sector compliance, investigative analysis, trade finance, and security/intelligence.
Spring 2020 - MIIS, MIIS First Half of Term, Spring 2021 - MIIS, MIIS First Half of Term
This course is a follow-on to NPTG 8621: Introduction to Money Laundering and Trade-Based Financial Crime. It is designed for students who wish to pursue a career related to financial crime detection and prevention, whether in the government sector, private sector or multilateral agency.
The first part of the course covers all the elements of shaping an institution's financial crime compliance program, including AML, FCPA, OFAC and FATCA compliance. Students will develop their own risk scoring methodology for geographic risk and customer risk. We will also look at AML regulations and enforcement in other countries around the world.
Students will examine at what a number of multilateral organizations are doing like the Basel Committee Guidance, Wolfsberg Group recommendations, FATF blacklists and FATF mutual evaluations.
Many case studies will also be examined – both cases of banks behaving badly, as well as international criminal investigations – shedding light on how financial crimes are brought to light and how law enforcement can best investigate and prosecute.
Finally, any well-structured compliance program also has a system for escalating alerts for further investigation and reporting. In this class, students will review how to find and assess sources of evidence, spot red flags, and identify beneficial owners. Financial crime investigators, whether they be in the private sector or public sector, must master not only research skills, but also analytical and writing skills. For the final assignment, students will learn how to write up a suspicious transaction report with actionable intelligence.
Spring 2020 - MIIS, MIIS Second Half of Term, Spring 2021 - MIIS, MIIS Second Half of Term
Moyara Ruehsen and Leonard Spector, “Following the Proliferation Money,” Bulletin of the Atomic Scientists, Vol 71 (5), 2015.
“Breaking the Ice In Baghdad,” Toastmaster Magazine, September 2014.
Freeman, Michael and Moyara Ruehsen, “Terrorism Financing Methods: An Overview,” Perspectives on Terrorism Volume 7, Issue 4, August 2013.
“PKK” in Michael Freeman’s Financing Terrorism: Case Studies, Ashgate Press, 2012.
“Afghanistan’s Drug War - The Farmers Aren’t the Enemy,” LA Times, 2 November 2009.
“Arab Government Responses to the Threat of Terrorist Financing,” Chapter in J. Giraldo and H. Trinkunas, Terrorism Financing and State Responses in Comparative Perspective, Stanford University Press, Fall 2007.
“Choosing an Appropriate Palestinian Monetary Regime,” Research in Middle East Economics Volume 6, 2005, pp. 183-199.
“Diamonds Are a Terrorist’s Best Friend,” MoneyLaundering.com (September 2004).
“Little Noticed UN Report Cites Alleged Saudi Terrorist Financing,” Money Laundering Alert, (October 2003).
“Dirty Laundering: Financing Latin America’s Drug Trade,” (review essay) in Harvard International Review, (Winter 2003).
“The Fallacy of Sanctions,” Middle East Insight (March-April 2002).
“Tracing al-Qaeda’s Money,” Middle East Insight (January-February 2002).
Professor Moyara Ruehsen, head of the Institute’s Financial Crime Management program, shares how she became an expert on money laundering, how it’s evolving, and how careers in money laundering investigation are fighting it.
From language studies and the financial crime management specialization to career advisors helping me with salary negotiation, the entire Middlebury Institute experience helped me hit the ground running in the exact career field I was looking for.
NBA Top Shot is the hottest NFT marketplace on the planet. It’s also got a big problem: customers are complaining about exceptionally long wait times to get paid from sales of digital tokens that can often cost hundreds of thousands of dollars. “You don’t really know what something is truly worth,” cautioned Professor Moyara Ruehsen who oversees the Financial Crime Management program at the Middlebury Institute.