Author Archives
-
TBML challenges for bankers and enforcement officers examined
The problem of detecting and tackling money laundering has taxed bankers and law enforcement officers for decades according to one of the researchers working on a two-year project examining illicit trade and money laundering risks in free trade zones. Jonathan… Read More ›
-
Colombia lost US$2.8 billion in revenue to trade misinvoicing in 2016
A new report, Illicit Finacial Flows and Colombia has been published by the Economist Intelligence Unit (EIU) in collaboration with Colombian non-governmental organisation (NGO) Cedetrabajo, and US-based lobby and research group, Global Financial Integrity (GFI). The report quotes GFI estimates… Read More ›
-
US Senate earmarks US$2 million for TBML risk assessment
The US Senate’s Financial Services and General Government Appropriations Committee has committed funds of US$2 million for a Trade Based Money Laundering (TBML) risk assessment. The cash would fund the treasury department’s Financial Crimes Enforcement Network (FinCEN) to carry out a… Read More ›
-
HSBC reveals new AML system for trade finance
HSBC has rolled out a new anti-money laundering (AML) system and an automated sanctions checking system to detect and disrupt financial crime in international trade. The systems are part of the bank’s ongoing efforts to improve financial crime detection and… Read More ›
-
Researchers optimistic about measures to curb TBML
Despite the formidable challenges of combatting illicit trade and trade-based money laundering (TBML), several ongoing initiatives give cause for cautious optimism according to one of the researchers working on a two-year project examining illicit trade and money laundering risks in… Read More ›
-
GFI revises scale of South Africa’s misinvoicing
Global Financial Integrity (GFI) has revisited South Africa to look at how much the country lost in tax revenues in 2016 due to misinvoicing, and has apparently concluded that revenue losses due to misinvoicing amount to less than an earlier… Read More ›
-
Anti-Illicit Trade Declaration to address all forms of illicit trade
Some of the world’s largest companies signed at the 2019 Zermatt Summit a declaration established by two influential Swiss non-governmental organisations (NGOs) to address all forms of illicit trade. The Anti-Illicit Trade Declaration was launched last year by the NGO… Read More ›
-
KYC is best defence against TBML says Australian banker
Thorough know your customer (KYC) practices are banking’s best defence against trade based money laundering (TBML) according to ANZ’s managing director for transaction banking, Mark Evans. On a podcast he says banks must look to gain an intimate knowledge of… Read More ›
