April 2021
- UAE launches blockchain platform to curb double-financing and misinvoicing
- Money laundering and IFFs amongst concerns over China-funded port plans in Sri Lanka
- War against money laundering being lost
- UK follows EU suit to name 21 high-risk countries matching FATF list
- All G20 resources on anti-corruption published on new web site, ACWG – FATF contemplates money laundering and beneficial ownership
- Anti-corruption group report critical of banks and their role in IFFs flowing from Nigeria to the UK and UAE
- China set to tighten beneficial ownership reporting requirements for financial institutions
- EBA publishes updated AML and CFT risk factor guidelines
- FinCEN director asks bankers to “help us shape the rules” on new AML Act
March 2021
- UAE restricts trade in precious metals and stones and tightens suspicious banking reporting requirements
- UK regulator brings first prosecution of a bank for money laundering
- FinCEN informs financial institutions of developments related to trade in antiquities and art
- Saudi agencies join forces to tackle trade system abuses
- Information sought for new project on mitigating the unintended consequences of the FATF standards
- Bangladesh introduces sentences of seven years in jail for invoice misdeclaration
- New analysis reveals financial flows and payment mechanisms behind wildlife and forest crime
- FATF posts video of TBML webinar following landmark publications
- Sharpened focus on illicit trade in natural resources anticipated after UN adopts Kyoto Declaration
- FATF and Egmont release Trade-Based Money Laundering: Risk Indicators
- Avoid sanctions risks by applying L/C due diligence to open account transactions says Windward
- TBML remains a key concern for US’ transnational crime agency
- EBA’s Opinion on the risks of ML/TF affecting the EU’s financial sector
- FATF seeks views of financial institutions in public consultation on its Guidance on proliferation financing risk assessment and mitigation
- Two arrested in US$225 million fake software TBML scam
- Virtual currencies increasingly feeding TBML operations says DEA
- TCOs “highly favour” TBML operations to manipulate financial institutions and international trade
- GFI suggests FinCEN reforms for the Biden administration
- SmartSearch announces beneficial owner identifier partnership with Experian as it sharpens focus on business services
- Bankers, lawyers and accountants who enable financial crime must face punitive sanctions says UN panel
- Free-trade zones vulnerable to illicit trade and financial crime says RUSI paper
February 2021
- AML violations triggered biggest bank fines in 2020
- Startup maps customers and suppliers, potentially identifies TBML networks
- Windward’s AI-powered solution to aid TBML screening, trade finance practices and compliance at Mauritius Commercial Bank
- Global Witness says Libya loses millions via fraudulent L/Cs, central bank defends position
- Financial exclusion and opaque banking laws help make Colombian gold more attractive than drugs to money launderers
- Fraudsters employ TBML to shift proceeds of email, romance and pandemic-related scams from US to Ghana
- FATF report highlights importance of customs services in TBML fight
- Pakistan’s MG car importer denies TBML allegations
- FATF report reveals FIUs’ alternative approaches
- Banks struggle as pandemic exposes opportunities for fraud says Bolero chief
- All UK Overseas Territories commit to publicly available beneficial ownership registers
- Banks’ expanding technology can help stem TBML related illegal wildlife trade
- Bangladesh establishes new unit to tackle TBML via international under- and over-invoicing and transfer pricing
- Eleven banks fined as UAE signals tougher action on FATF recommendations and a focus on TBML
- FBI director highlights growing threats of TBML and professional money launderers
- Surecomp integrates ThetaRay to mitigate TBML and ATM risks for banks and corporates
- FATF report draws attention to trade-based terrorist financing