An Indian money exchange operator or hawala dealer is suspected of employing multiple trade-based money laundering (TBML) techniques in a string of dubious transactions. Naresh Jain allegedly arranged transactions maybe amounting to billions of US dollars using hundreds of shell… Read More ›
Due to the impacts of the coronavirus pandemic, the work of the Financial Action Task Force (FATF) has been significantly disrupted this year, including its work determining ‘jurisdictions under increased monitoring’. These jurisdictions – often referred to externally as countries… Read More ›
Banks and financial institutions across South Asia need to overhaul their anti-money laundering (AML) mechanisms according to a new report published by Deloitte. The South Asia Anti-Money Laundering Preparedness Survey found that banks are currently reactive in their approach to… Read More ›
The Central Bank of Nigeria’s Economic Intelligence Unit (EIU) and the Nigerian Financial Intelligence Unit (FIU) are working with Interpol and the US Federal Bureau of Investigation (FBI) in an investigation to uncover companies engaged in foreign exchange fraud that… Read More ›
A new report from the Global Initiative against Transnational Organised Crime has found significant evidence of trade-based financial crime in Albania facilitated by misinvoicing. Illicit Financial Flows in Albania, Kosovo And North Macedonia looks at illicit financial flows (IFFs) all three… Read More ›
The UAE has introduced new rules for corporate entities incorporated in the mainland and in the non-financial free zones to keep registers of their real beneficial owners and shareholders. Companies subject to the new rules must file beneficial ownership information… Read More ›
An institute based at the University of Massachusetts has published a paper examining mechanisms, actors, enablers, and the institutional environment that facilitate capital flight from South Africa and the resulting accumulation of private wealth in offshore financial centres. The paper… Read More ›
The World Bank Group (WBG) has recognised that the response to the coronavirus crisis is likely to increase corruption risks and practices that contribute to illicit financial flows (IFFs), and may also introduce new risks according to two senior WBG officials…. Read More ›