Illicit financial flows (IFFs) abroad, non-discretionary tax waiver grants and high overhead costs are the major reasons for the failure of Nigeria’s Federal Inland Revenue Service (FIRS) to meet its tax revenue targets in recent times according to its executive… Read More ›
The US Drug Enforcement Agency (DEA) is seeking nearly US$3.3 million to support two intelligence research specialists to be assigned to trade-based money laundering (TBML) cases and the acquisition of data exploitation tools and commercially available data sets to provide… Read More ›
Pelican, a provider of payments and financial crime compliance solutions for banks and corporates, says it has expanded its global sales reach by partnering with CMSoft Co in South Korea. The strategic partnership will enable Pelican, which specialises in artificial… Read More ›
The US treasury department has issued the 2020 National Strategy for Combating Terrorist and Other Illicit Financing, to provide a roadmap to modernise the country’s anti-money laundering/countering the financing of terrorism (AML/CFT) regime to make it more effective and efficient…. Read More ›
The African Development Bank (AfDB) has allocated a €1.2 million (US$1.3 million) grant to provide training to help resource-rich countries improve their mining revenues. The support comes at a time when concerns are growing about revenue losses in resource-rich countries… Read More ›
India’s Central Bureau of Investigation (CBI) has said it is investigating Hong Kong-based diamond merchant Girish Kadel and three senior Mumbai customs officials, including a former commissioner for allegedly overvaluing imported diamonds in a trade-based money laundering (TBML) operation. The… Read More ›
Tech giant IBM has published an extensive whitepaper on the use of artificial intelligence (AI) in anti-money laundering (AML) compliance. Fighting financial crime with AI looks at how cognitive solutions are changing the way institutions conduct surveillance and manage AML,… Read More ›
Fernergo has released its findings on financial institution fines which shows that in December 2019 global penalties totalled US$36 billion for non-compliance with anti-money laundering (AML), know your customer (KYC) and sanctions regulations. According to Fernergo, which includes AML, KYC and sanctions events in… Read More ›