Bangladesh Bank has suspended 100 letters of credit (L/Cs) for over-invoicing, according to the central bank’s governor, Abdur Rouf Talukder. The suspensions are part of the bank’s efforts to prevent trade-based money-laundering (TBML) via mis-invoicing and preserve foreign exchange reserves… Read More ›
The financial community, led by the Financial Action Task Force (FATF), should show the same degree of commitment to preventing environmental and ecological damage to the oceans as it does to the charismatic species on land according to researchers at… Read More ›
Difficulties associated with tracing illicit gold flows and the large number of actors involved in gold smuggling have contributed to a crisis with limited chances to even engage in efforts to address the issue of illicit financial flows (IFFs) from… Read More ›
The Financial Action Task Force (FATF) has published a report that aims to raise awareness about the opioid trade, including the use of precursor chemicals, and the related global financial flows. Money Laundering from Fentanyl and Synthetic Opioids looks at… Read More ›
The decision of the European Union Court of Justice (ECJ) that beneficial owners of registered companies can remain anonymous to the general public may hinder the ability of financial institutions seeking to quickly and easily obtain beneficial ownership in the… Read More ›
The United Nations (UN) General Assembly has adopted a resolution that mandates the UN to assume responsibility for rulemaking on global tax. For sixty years the lead role for global tax rulemaking has been taken by the OECD, and the… Read More ›
Companies in several jurisdictions have been sanctioned by the US for facilitating the sale of hundreds of millions of dollars’ worth of Iranian petrochemicals and petroleum products to buyers in East Asia. This latest tranche of sanctions underlines the determination… Read More ›
US Customs and Border Protection (CBP) will be increasing its focus on trade-based money laundering (TBML) and tax evasion this year according to CBP’s executive assistant commissioner, AnnMarie Highsmith. Customs officers are at the forefront of efforts to counter TBML… Read More ›