Author Archives
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Commission says US needs radical AML overhaul
A US congressional commission has called on the authorities to radically reform anti-money laundering (AML) operations by blocking the flow of illicit funds using complex cross-border financial transactions and cryptocurrencies. The commission is specifically concerned about black-market peso exchange trade-based… Read More ›
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Potatoes, onions and cars employed in money laundering schemes as banks help Dutch investigators crackdown on TBML
Dutch criminals are using agricultural commodities such as potatoes and onions as well as motor vehicle exports to Africa in increasingly sophisticated trade based money laundering (TBML) schemes according to the CEO of the Netherlands’ Fiscale Inlichtingen en OpsporingsDienst (Fiscal… Read More ›
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Komgo and Mitech announce collaboration to guard against fraud and facilitate L/C transactions
Commodity trade finance blockchain platform Komgo and specialist trade finance fintech Mitech have announced a collaboration to allow users to create an immutable document to guard against fraud and falsification. The collaboration will also provide users with straight through processing… Read More ›
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Australian and international banks in A$500 million TBML-based money laundering scheme
Australian and international banks unwittingly participated in a suspected 500 million Australian dollar (A$500 million – US$387 million) money laundering scheme for South American cocaine cartels according to the Australian Financial Review. It says law enforcement officers unearthed the scheme… Read More ›
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OECD announces framework to prevent IFFs slipping through tax systems
The Organisation for Economic Cooperation and Development (OECD) has developed a framework that aims to support domestic resource mobilisation by countering illicit financial flows (IFFs) and improve tax systems to boost revenue capture. The Tax Crime Investigation Maturity Model is… Read More ›
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AfCFTA planners mull measures to curb IFFs
The African Union (AU) has announced that its Specialised Technical Committee (STC) on Finance, Monetary Affairs, Economic Planning and Integration is contemplating measures for the envisaged the African Continental Free Trade Area (AfCFTA) that would specifically address the issue of… Read More ›
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Coronavirus funding threatens Nigeria’s efforts to tackle IFFs
Funding to tackle illicit financial flows (IFFs) out of Nigeria is under threat as a result of cuts made in the country’s 2021 budget. Despite announcing a record naira 13.5 billion naira (N13.5 billion – US$35.5 billion) budget to tackle… Read More ›
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US defence bill orders study and strategy on TBML
The National Defence Authorisation Act 2021 has directed the US treasury department to conduct a study and devise a strategy to deal with trade-based money laundering (TBML). The study, which will be contracted out to a third-party entity, will include… Read More ›