What was until recently East Africa’s leading retailing chain, Nakumatt Supermarkets, is to be dissolved amidst revelations that it played a key role in an international money laundering syndicate. Nakumatt’s role involved operating an innovative trade-based money laundering (TBML) scheme… Read More ›
Trade Based Financial crimes News
GFI announces plans for 2020
Global Financial Integrity (GFI), the Washington-based non-profit that undertakes advocacy and conducts research into illicit financial flows (IFFs) has published its agenda for 2020. The agenda provides information on the organisation’s advocacy work in less-developed countries, the research work it… Read More ›
Lack of beneficial ownership creating dangerous and widening gap in US security
A lack of a US beneficial ownership register is creating a “dangerous and widening gap” in the country’s national security apparatus according the director of the US Financial Crimes Enforcement Network (FinCEN). Kenneth Blanco told delegates at a conference on… Read More ›
Ethiopia sets minimum coffee price to curb under-invoicing
The Ethiopian Coffee and Tea Authority (ECTA) has issued a new directive that will require exporters of coffee to sell at a minimum price as part of the country’s efforts to capture revenue currently lost through under-invoicing. Coffee is central… Read More ›
Bangladesh issues TBML guidance for banks
Bangladesh Financial Intelligence Unit (BFIU) has issued a circular providing guidelines for banks to establish structures and processes for preventing and reporting trade-based money laundering (TBML). Regarding Guidelines for Prevention of Trade Based Money Laundering has also ordered banks to… Read More ›
Major report published on US efforts to counter TBML
The US Government Accountability Office (GAO) has released a detailed report that examines US agencies’ efforts to combat trade-based money laundering (TBML). Countering Illicit Finance And Trade: US Efforts to Combat Trade-Based Money Laundering identifies TBML-related vulnerabilities in the US… Read More ›
FATF to crack down on money laundering linked with illegal wildlife trade
The Financial Action Task Force (FATF) has approved a proposal by China to launch a programme to crack down on money laundering linked with illegal wildlife trade. The anti-money laundering and counter financing of terrorism watchdog says it will work… Read More ›
Central bank money laundering framework a serious problem for Pakistan’s exporters
A business leader in one of Pakistan’s most export oriented cities, Sialkot, has complained to the State Bank of Pakistan (SBP) about the negative impacts of its recently launched Framework for Managing Risks of Trade Based Money Laundering and Terrorist… Read More ›