Author Archives
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Africa reports progress exchanging information on IFFs and achieving tax transparency
African countries showed significant progress in 2019 exchanging information on illicit fund flows (IFFs) and achieving tax transparency according to a report produced by the Global Forum for Transparency and Exchange of Information for Tax Purposes, the African Union and… Read More ›
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FATF’s view on US beneficial ownership arrangements not enough for ABA
The Financial Action Task Force (FATF) has upgraded its assessment of the US’ anti-money laundering and counter-financing of terrorism (AML/CFT) compliance framework. But the American Bankers Association (ABA) and US legislators are calling for much more stringent disclosure of beneficial… Read More ›
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Transparency International says FACTI should focus on three reforms to curb IFFs
Transparency International (TI) says it believes that the High Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI) would do well by prioritising three key reforms to address what it describes as the pernicious… Read More ›
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UK financial watchdog fines Commerzbank US$47 million for AML breaches
The UK’s financial regulator has fined Commerzbank’s London branch nearly £38 million (US$47 million) over anti-money laundering (AML) failures, including an ‘out of control’ customer due diligence process. Since the FCA’s intervention, the German bank has suspended all new trade… Read More ›
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European Union publishes new list of high risk countries
The European Commission (EC) has published a new annual list of high risk third countries that it believes pose significant threats to the financial system of the European Union (EU) because of failings in tackling money laundering and terrorism financing. The… Read More ›
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Papers published ahead of IFF-focused FACTI’s virtual consultation
The new High Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI) has held a virtual consultation with UN member states. The UN-established FACTI panel includes leading experts with a mandate to recommend institutional reforms that… Read More ›
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Coronavirus pandemic likely to weaken Latin American capacity to curb money
With the coronavirus pandemic now likely to weaken state capacity across Latin America, money laundering – including trade-based money laundering (TBML) – will continue to flourish, according to two analysts based in separate Washington-based think tanks. Andrés Martínez-Fernández and Julia… Read More ›
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EY must pay US$11 million in damages for suppressing gold trade-based financial crime
In a landmark judgment one of the world’s ‘Big 4’ accounting firms, EY, has been ordered to pay approximately US$11 million in damages for deliberately turning a blind eye to trade-based financial criminality that some staff repeatedly raised concerns about… Read More ›