Just eight of the UK’s fourteen overseas territories have agreed to establish publicly accessible beneficial ownership registers within the next three years as part of attempts to improve financial transparency. The most significant financial centre yet to make company beneficial… Read More ›
Trade Based Financial crimes News
Iran’s AML/CFT failings deter Chinese and Russian banks
Chinese and Russian banks are increasingly shying away from doing business with Iran after the Islamic Republic failed to enact anti-money laundering and counter-financing of terrorism (AML/CFT) legislation demanded by the Financial Action Task Force (FATF) according to an Iranian… Read More ›
India embarked on manual inspection of Chinese imports for under-invoicing
Indian customs officers are conducting manual inspections of Chinese imports for under-invoicing. The clampdown on under-invoicing comes amidst increased tensions between India and China. Manual inspections India’s nationwide effort to identify under-invoicing of goods involves all land and sea ports… Read More ›
McLaren super car features in Philippines’ clampdown on
The Philippines’ Bureau of Customs (BOC) has seized a brand new McLaren 620R super car worth US$330,000 at the Port of Manila. The bureau said the vehicle was misdeclared in a bid to evade payment of appropriate duties and taxes…. Read More ›
Intelligence needed to confront illicit finance according to British expert
If the UK is to stand any chance of identifying and confronting illicit finance, it needs to place intelligence at the heart of its response according to the director of the Royal United Services Institute’s (RUSI’s) Centre for Financial Crime… Read More ›
Russian oligarchs used trade in high-value art and shell companies to evade sanctions
The US Senate’s permanent subcommittee on investigations has published a report revealing how Russian oligarchs used artworks and shell companies in a multi-million dollar trade-based money laundering operation. The report alleges that Arkady and Boris Rotenberg and Arkady’s son, Igor,… Read More ›
Myanmar’s beneficial ownership disclosure insufficient says Global Witness
Myanmar’s first ever disclosure of beneficial ownership information in the oil, gas and mining sectors is an important step forward, but major problems with the data must be addressed according to a new report by Global Witness. The report, Out… Read More ›
Details unclear in Egypt’s new beneficial ownership register
Companies doing business in Egypt are now required by law to disclose the ultimate beneficial ownership (UBO) of any entity. Ownership information will be publicly available, but some details of what should be included on each register are unclear. New… Read More ›