Author Archives
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UAE launches blockchain platform to curb double-financing and misinvoicing
The UAE has launched a blockchain-based trade finance platform aimed at curbing double-financing and misinvoicing. UAE Trade Direct then intends turning to other key areas of trade finance, such as digitalising bills of lading and e-invoices and, in time, expects… Read More ›
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Money laundering and IFFs amongst concerns over China-funded port plans in Sri Lanka
Money laundering and illicit financial flows (IFFs) are amongst several concerns raised by petitioners who have triggered a five-judge bench of the Sri Lankan Supreme Court to examine several petitions filed against the US$1.4 billion China-funded Colombo Port City Commission… Read More ›
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War against money laundering being lost
The global system for financial crime is hugely expensive and largely ineffective according to The Economist. The international weekly newspaper and online publisher concludes in an article that the war against money-laundering is being lost. NatWest proceedings The article responds… Read More ›
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UK follows EU suit to name 21 high-risk countries matching FATF list
The UK has named 21 high-risk countries in the first anti-money laundering and combatting the financing of terrorism (AML/CFT) regulations framed by the country since Brexit when it withdrew from the EU. The new regulations naming the high-risk countries, which… Read More ›
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All G20 resources on anti-corruption published on new web site, ACWG – FATF contemplates money laundering and beneficial ownership
A dedicated website has been launched collecting all the resources adopted by the G20 on anti-corruption over the years to make them more accessible. The website was launched at the first meeting of the Anti-Corruption Working Group (ACWG) which also… Read More ›
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Anti-corruption group report critical of banks and their role in IFFs flowing from Nigeria to the UK and UAE
Nigerian NGO Human and Environmental Development Agenda (HEDA) has published a three part report on policies, laws and practices in the UK and the UAE as well as domestically in relation to the roles of financial and non-financial institutions in… Read More ›
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China set to tighten beneficial ownership reporting requirements for financial institutions
China’s financial authorities look set to issue stricter compliance procedures for establishing the beneficial ownership of all account holders after opening a public consultation process on draft customer due diligence regulations for financial institutions. The draft regulations contemplate requiring financial… Read More ›
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EBA publishes updated AML and CFT risk factor guidelines
The European Banking Authority (EBA) has released updated guidelines on customer due diligence and the factors credit and financial institutions should consider when assessing money laundering and terrorist financing (ML/TF) risks associated with individual business relationships and occasional transactions. The… Read More ›