A new report, Illicit Finacial Flows and Colombia has been published by the Economist Intelligence Unit (EIU) in collaboration with Colombian non-governmental organisation (NGO) Cedetrabajo, and US-based lobby and research group, Global Financial Integrity (GFI). The report quotes GFI estimates… Read More ›
The US Senate’s Financial Services and General Government Appropriations Committee has committed funds of US$2 million for a Trade Based Money Laundering (TBML) risk assessment. The cash would fund the treasury department’s Financial Crimes Enforcement Network (FinCEN) to carry out a… Read More ›
HSBC has rolled out a new anti-money laundering (AML) system and an automated sanctions checking system to detect and disrupt financial crime in international trade. The systems are part of the bank’s ongoing efforts to improve financial crime detection and… Read More ›
Despite the formidable challenges of combatting illicit trade and trade-based money laundering (TBML), several ongoing initiatives give cause for cautious optimism according to one of the researchers working on a two-year project examining illicit trade and money laundering risks in… Read More ›
Global Financial Integrity (GFI) has revisited South Africa to look at how much the country lost in tax revenues in 2016 due to misinvoicing, and has apparently concluded that revenue losses due to misinvoicing amount to less than an earlier… Read More ›
Some of the world’s largest companies signed at the 2019 Zermatt Summit a declaration established by two influential Swiss non-governmental organisations (NGOs) to address all forms of illicit trade. The Anti-Illicit Trade Declaration was launched last year by the NGO… Read More ›
Thorough know your customer (KYC) practices are banking’s best defence against trade based money laundering (TBML) according to ANZ’s managing director for transaction banking, Mark Evans. On a podcast he says banks must look to gain an intimate knowledge of… Read More ›
The Monetary Authority of Singapore (MAS), Singapore Customs and some of Singapore’s financial institutions have launched a new platform to help the country counter trade-based money laundering (TBML). Designed to address money laundering and terrorist financing risks in trade finance,… Read More ›
