Author Archives
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Nigeria clamps down on over-invoicing and forex overpricing
The Central Bank of Nigeria’s Economic Intelligence Unit (EIU) and the Nigerian Financial Intelligence Unit (FIU) are working with Interpol and the US Federal Bureau of Investigation (FBI) in an investigation to uncover companies engaged in foreign exchange fraud that… Read More ›
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Trade-based financial crime and misinvoicing in Albania, Kosovo and North Macedonia
A new report from the Global Initiative against Transnational Organised Crime has found significant evidence of trade-based financial crime in Albania facilitated by misinvoicing. Illicit Financial Flows in Albania, Kosovo And North Macedonia looks at illicit financial flows (IFFs) all three… Read More ›
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UAE introduces new beneficial ownership regulations
The UAE has introduced new rules for corporate entities incorporated in the mainland and in the non-financial free zones to keep registers of their real beneficial owners and shareholders. Companies subject to the new rules must file beneficial ownership information… Read More ›
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South Africa loses US$300 billion through capital flight, over-invoicing and under-invoicing
An institute based at the University of Massachusetts has published a paper examining mechanisms, actors, enablers, and the institutional environment that facilitate capital flight from South Africa and the resulting accumulation of private wealth in offshore financial centres. The paper… Read More ›
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WBG officials call for more focus on those who receive bribes and other proceeds of corruptions
The World Bank Group (WBG) has recognised that the response to the coronavirus crisis is likely to increase corruption risks and practices that contribute to illicit financial flows (IFFs), and may also introduce new risks according to two senior WBG officials…. Read More ›
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TBML and cryptocurrencies directly integrated in NICE Actimize AML platform
NICE Actimize with Complidata has launched a consolidated Anti-Money Laundering (AML) platform that directly integrates features to identify trade-based money laundering (TBML) and money laundering through cryptocurrencies. Together, the companies claim they offer the only end-to-end TBML solution using artificial intelligence… Read More ›
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UNCTAD publishes extensive report on IFFs out of Africa
The United Nations Conference on Trade and Development (UNCTAD) has published an extensive study into illicit financial flows (IFFs) out of Africa that it estimates to amount to around US$89 billion annually. The report argues that IFFs are a shared… Read More ›
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Nigérien officials skim US$137 million off US-subsidised arms deals
Shell companies played a central role in enabling the West African nation of Niger to enter into arms deals subsidised by the US that totalled about US$1 billion between 2011 and 2019. But almost a third of that money was… Read More ›