A business leader in one of Pakistan’s most export oriented cities, Sialkot, has complained to the State Bank of Pakistan (SBP) about the negative impacts of its recently launched Framework for Managing Risks of Trade Based Money Laundering and Terrorist… Read More ›
A multi-agency group in India, has decided at a high level meeting that the Foreign Exchange Management Act (FEMA) should be made a criminal offence in view of the economic damage caused by trade-based money laundering (TBML), illegal hawala transactions and… Read More ›
Brazil, Russia, India, China and South Africa (Brics) have committed to combat under-invoicing, stem dubious profit shifting practices, and implement global standards of transparency. The five countries made this commitment in Brazil in a declaration issued at the ninth meeting… Read More ›
Indonesian importers and couriers have been warned not to under-invoice purchases or split shipments to avoid paying tax now the value of tax free imported goods has been slashed. New regulations set the maximum value of non-taxable imported goods at… Read More ›
A study by the US Government Accountability Office (GAO) has revealed that the defence department either paid or lost at least US$875 million to fraudulent contractors. The study provides examples of 32 dubious defence contractors that conned the department, often… Read More ›
Cape Verde, Djibouti, Egypt and Kenya have endorsed the Yaoundé Declaration to promote tax transparency and exchange of information. In recent years, countries signed up to the declaration have substantially increased their focus on curbing illicit financial flows (IFFs) and… Read More ›
India is posting new customs intelligence officers in London, Hong Kong, Dubai and Brussels in its efforts to curb trade-based money laundering (TBML) and black market currency trading according to official sources. The new posts will be created within India’s… Read More ›
An analyst who focuses on the economic foundations of authoritarian rule has warned that tariffs and sanctions drive some states, individuals and multinational firms to pursue international commercial trade using trade-based money laundering (TBML) methods that evade US customs and… Read More ›