Funding to tackle illicit financial flows (IFFs) out of Nigeria is under threat as a result of cuts made in the country’s 2021 budget. Despite announcing a record naira 13.5 billion naira (N13.5 billion – US$35.5 billion) budget to tackle… Read More ›
Trade Based Financial crimes News
US defence bill orders study and strategy on TBML
The National Defence Authorisation Act 2021 has directed the US treasury department to conduct a study and devise a strategy to deal with trade-based money laundering (TBML). The study, which will be contracted out to a third-party entity, will include… Read More ›
US treasury to focus on TBML in money laundering study and strategy for China
The US treasury has been ordered to carry out a study on money laundering by China that will “rely substantially” on information obtained through the trade-based money laundering (TBML) analyses behind the US Government Accountability Office’s (GAO’s) detailed report that… Read More ›
UBAF settles for nearly US$8.6 million for “reckless disregard” of Syria sanctions in internal transfers and L/C transactions
Union des Banques Arabes et Francaises (UBAF) of France has reached a settlement with the US treasury department’s Office of Foreign Assets Control (OFAC) in which the bank has agreed to remit US$8,572,500 to settle its potential civil liability for… Read More ›
Majority of UK firms hardly halfway through implementation plans for 5MLD
Regulated firms in the UK’s banking, lending, wealth management and estate agents sectors are only 55 per cent of the way through their implementation plans for the European Union’s Fifth Money Laundering Directive (5MLD) according to new research from global… Read More ›
UK’s new National Risk Assessment focuses on TBML challenges
The UK has published its 2020 National Risk Assessment (NRA), the third comprehensive assessment of money laundering and terrorist financing risk in the country. It has a clear focus on the increasing risk of trade-based money laundering (TBML) and identifies… Read More ›
African conference on IFFs and taxation focuses on coronavirus impacts
The 8th Pan Africa Conference on Illicit Financial Flows and Taxation held in the Ghanaian capital, Accra, focused on the impact of the coronavirus pandemic and on the urgent need for African countries to optimise public revenues from their natural… Read More ›
UN agencies finalise framework to measure illicit financial flows
The United Nations Conference on Trade and Development (UNCTAD) and the United Nations Office on Drugs and Crime (UNODC) have finalised a conceptual framework for the statistical measurement of illicit financial flows (IFFs). Pilot projects are either underway or due to commence… Read More ›