Since April 2019, the South African Revenue Service (SARS) has recovered 2.6 billion rand (R2.6 billion – US$179 million) of revenue after unearthing a series of trade-based illicit financial flows (IFFs). But according to SARS commissioner, Edward Kieswetter, while the… Read More ›
Trade Based Financial crimes News
Trade financiers coming to terms with the EU’s new money laundering directive
Banks and several other types of business, including gambling firms and art and antiquities dealers, are coming to terms with the EU’s 5th Anti-Money Laundering Directive (5AMLD). Trade finance providers in particular are closely watching how new regulations on bank account… Read More ›
Iran and Pakistan edge towards electronic exchange of customs data
Iran and Pakistan have signed a memorandum of understanding (MoU) for real time electronic data exchange between the two countries’ customs authorities. The MoU signals the two countries’ intent to curb under- and over-invoicing of goods and services. 2004 agreement… Read More ›
IFFs a major reason why Nigeria failed to meet revenue collection targets
Illicit financial flows (IFFs) abroad, non-discretionary tax waiver grants and high overhead costs are the major reasons for the failure of Nigeria’s Federal Inland Revenue Service (FIRS) to meet its tax revenue targets in recent times according to its executive… Read More ›
US Drug Enforcement Agency wants increased TBML focus and more data analytics
The US Drug Enforcement Agency (DEA) is seeking nearly US$3.3 million to support two intelligence research specialists to be assigned to trade-based money laundering (TBML) cases and the acquisition of data exploitation tools and commercially available data sets to provide… Read More ›
Pelican partners with CMSoft to boost TBML detection solution in South Korea
Pelican, a provider of payments and financial crime compliance solutions for banks and corporates, says it has expanded its global sales reach by partnering with CMSoft Co in South Korea. The strategic partnership will enable Pelican, which specialises in artificial… Read More ›
US treasury issues 2020 strategy for combatting illicit finance
The US treasury department has issued the 2020 National Strategy for Combating Terrorist and Other Illicit Financing, to provide a roadmap to modernise the country’s anti-money laundering/countering the financing of terrorism (AML/CFT) regime to make it more effective and efficient…. Read More ›
AfDB’s €1.2 million grant to help Africa’s revenue capture
The African Development Bank (AfDB) has allocated a €1.2 million (US$1.3 million) grant to provide training to help resource-rich countries improve their mining revenues. The support comes at a time when concerns are growing about revenue losses in resource-rich countries… Read More ›