Author Archives
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GFI survey includes TBML amongst four key financial crimes in Latin America and the Caribbean
Trade-based money laundering (TBML) is one of four types of financial criminality examined in a comprehensive survey of 250 financial crime experts in Latin America and the Caribbean published by Global Financial Integrity (GFI). The Washington-based non-profit focused on illicit… Read More ›
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AML and KYC requirements remain top barriers to expanding trade finance operations
Requirements for anti-money laundering (AML) and know your customer (KYC) compliance remain the top barriers to expanding trade finance operations according to 72 per cent of banks canvassed in the latest Trade Finance Gaps, Growth and Jobs Survey released by… Read More ›
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South Africa’s understanding of trade-based financial crime limited says FATF
South Africa has been given 18 months by the Financial Action Task Force (FATF) to improve its capacity to track and prosecute money laundering and terrorist financing or face being including on the so-called FATF grey-list. The Mutual Evaluation Report… Read More ›
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UN commission links TBML with South Sudanese funds misappropriated to buy London properties – no comment from banks involved
The UN Commission on Human Rights in South Sudan has published a conference room paper in which it concludes that activities “consistent with trade-based money laundering” (TBML) were used to effect purchases of residential properties in London. The commission says… Read More ›
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UAE issues new AML/CFT guidance for financial institutions serving cash-intensive businesses
The Central Bank of the UAE has issued new guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) requirements for licensed financial institutions that provide services to cash-intensive businesses. Financial institutions should demonstrate compliance with the new requirements… Read More ›
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Pandora Papers leak sharpens focus on art and antiquities trade, fortifies case for worldwide beneficial ownership transparency
The Pandora Papers leak of almost 12 million documents revealing hidden wealth and tax avoidance by some of the world’s rich and powerful also underlines the apparent ease with which the trade in art and antiquities has been used to… Read More ›
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Misuse of trade finance, abuse of shell companies and proliferation financing targeted in Singapore’s digital platform for information sharing
Countering the misuse of trade finance for illicit purposes, abuse of shell companies and proliferation financing (PF) will be the initial three key financial crime risks in commercial banking focused on in Singapore’s new ambitious digital platform for financial institutions… Read More ›
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Mbeki continues campaign against trade-based financial crime, calls on ALSF to focus more on IFFs
“The African Legal Support Facility (ALSF) must assist African countries to negotiate fair and balanced contracts to eliminate opportunities for illicit receipt, use, or transfer of funds,” says former president of South Africa and current chair of the African Union’s… Read More ›