Customs officials at the Bangladeshi port of Chattogram have filed charges against four owners of two companies for misdeclaration of imported goods and money laundering. The charges are part of a clampdown on customs violations introduced by the Bangladeshi authorities… Read More ›
Customs officials in the Philippines have seized five shipments from China containing misdeclared agricultural products estimated to be worth around US$500,000. The seizure is part of the authorities’ aim to boost revenue collection and protect local farmers from a recent… Read More ›
Atradius Trade Credit Insurance (ATCI), a subsidiary of Dutch trade finance insurer Atradius licensed to operate in the US state of Maryland, has agreed to pay a settlement of more than US$345,000 in respect of allegations that it violated US… Read More ›
A campaigning organisation that works for rights, equality and development across Southern Africa has estimated that the Southern African Development Community (SADC), which comprises 16 member states, lost around US$8.8 billion in trade-related illicit outflows in 2015 alone. Action for… Read More ›
The Financial Transactions and Reports Analysis Centre of Canada (Fintrac) has issued an operational brief providing information and guidance about the factors that expose dealers in precious metals and stones to money laundering and terrorist financing risks. The brief applies… Read More ›
New customs legislation that aims to curb trade-based financial crime and improve revenue collection has been tabled in the Jamaican parliament. The Customs Act (2019) has retained some of the substantive provisions of existing laws, but incorporates several new provisions… Read More ›
Bangladesh has taken an additional step to curb trade-based money laundering (TBML) by forming a nine-member expert committee within the Bangladesh Financial Intelligence Unit (BFIU). The committee has been formed to specifically focus on mitigating the risks of frauds and… Read More ›
Dubai plans to launch a blockchain consortium to develop a know-your-customer (KYC) framework. The framework aims to help prevent trade-based financial crime, money laundering, and sanctions violations. Consortium roles The consortium comprises blockchain firm Norbloc, Dubai International Financial Centre (DIFC)… Read More ›
