Lack of coordination and inaction by key financial and law enforcement agencies is hampering Namibia’s efforts to curb illicit financial flows (IFFs) according to an article published in The Namibian newspaper. It says that there are now calls for a… Read More ›
The African Continental Free Trade Area (AfCFTA) aims to make intra-African trade easier and more profitable for businesses across the continent. But if AfCFTA is implemented there are concerns that it will not do enough to counter trade misinvoicing and… Read More ›
Some analysts have suggested that chaos in the illegal narcotics trade’s supply chains and financing operations due to coronavirus pandemic impacts may push drug barons towards trade-based money laundering (TBML) operations (Trade-based Financial Crime, 24 April 2020). But data recently… Read More ›
North Korea continues to import and export goods despite extensive sanctions imposed on it by using trade-based money laundering (TBML) techniques and finance from a US$1.5 billion cryptocurrency war chest according to experts who participated in a webinar organised by… Read More ›
India’s Central Excise and Service Tax Appellate Tribunal (CESTAT) – which was established as an independent forum to hear appeals against orders passed by the Commissioners of Customs and Excise – has asked customs officials to investigate what they describe… Read More ›
The scale and scope of illicit financial flows (IFFs) could be increasing as authorities are distracted and overwhelmed by the coronavirus pandemic and its impacts according to Global Financial Integrity (GFI). The Washington-based think tank that focuses on IFFs says… Read More ›
Australia’s Westpac Banking has said in a defence filing in court that it “made a large number of admissions” of failures in a case where it stands accused of 23 million breaches of anti-money laundering and counter-financing of terrorism (AML/CFT)… Read More ›
Turkish customs officials are increasingly investigating ships trading in Turkey in response to concerns that some ships are misdeclaring the amount of fuel they are carrying to facilitate a smuggling scheme. Ships’ crews are suspected of selling fuel over and… Read More ›