Author Archives
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ICC publishes paper on dual-use goods in trade finance
A new paper published by the International Chamber of Commerce (ICC) addresses the challenges of dual-use goods and the financial services industry. Dual-use goods in trade finance also provides guidance on implementing controls and risk-based approaches for identifying and managing… Read More ›
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ICC publishes new update on price checking of goods and services in trade transactions
The International Chamber of Commerce (ICC) has published a new paper providing an updated discussion on the challenges associated with the implementation of controls relating to price misrepresentation risk in trade finance transactions; the prevalent financial industry-wide approach to price… Read More ›
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Lingering concerns about TBML in the UAE expressed in new FATF report
While the UAE has improved its risk assessment products and systems for implementing a risk based approach in its efforts to remove itself from the Financial Action Task Force (FATF) grey list, a new follow-up report by the task force… Read More ›
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Global Forum reports “remarkable developments” in plans to facilitate tax transparency and stem IFFs in Africa
Tax transparency can play a critical role in combatting money laundering and terrorism financing, tax evasion and other types of illicit financial flows (IFFs) and enhances domestic resource mobilisation according to a new report published by the Global Forum on… Read More ›
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Hong Kong bankers urged to curb dual-use and advanced technology exports to Russia
Bankers in Hong Kong are amongst those in the Asian financial hub to have been asked by US treasury department officials to help identify American-made high-tech items being shipped to Russia according to the Nikkei The US diplomatic effort reflects… Read More ›
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New York legislators go beyond federal beneficial ownership approach with anticipated publicly searchable registry
Permitting anonymous limited liability companies (LLCs) to do business in New York was a public policy mistake that deserves correction according to legislators in the US state who have passed a bill requiring beneficial ownership disclosure. The state’s LLC Transparency… Read More ›
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Washington issues new advisory on sub-Saharan Africa’s gold sector
Financial institutions in the US should carefully review the risks described in a new advisory focused on the gold sector across sub-Saharan Africa that has been issued by the US treasury and the departments of state, labour, commerce, and homeland security,… Read More ›
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Washington sanctions Wagner-linked illicit gold companies
Four companies in the United Arab Emirates (UAE), Central African Republic (CAR) and Russia have been sanctioned by the US treasury department’s Office of Foreign Assets Control (OFAC). It accuses them of engaging in illicit gold deals to help finance… Read More ›