January 2022
- TBML in top five blogs for fraud and financial crime professionals
- Trade a key channel for transferring millions of illegally obtained euros through Bosnia and Herzegovina, Montenegro and Serbia
- Illicit cryptocurrency transaction activity reaches all-time high in value, all-time low in share of all cryptocurrency activity
- Banks’ role in enabling graft under scrutiny after South African commission publishes part one of its state capture report
- Turkey escapes alignment of EU list of jurisdictions with strategic AML/CFT deficiencies with FATF grey list
- Wholesale de-risking of correspondent relationships irrespective of banks’ individual AML/CFT efforts says EBA report
- Diamond dealers amongst traders worst hit by unwarranted AML/CFT de-risking says EBA
- EC proposal to end misuse of shell entities in EU for tax purposes could reveal those used in trade-based financial crimes
- UAE in danger of inclusion on FATF grey list
- Saudi Arabia successfully prosecutes six people after moves to curb TBML via interagency coordination and consolidation
- Pakistan first country in the region to join Tradelens to strengthen TBML controls
December 2021
- FinCEN issues proposed rule on beneficial ownership information reporting requirements
- FinCEN seeks comments on modernisation of US AML/CFT regulatory regime
- Financial institutions’ critical role in combatting wildlife trafficking outlined in new FinCEN report
- US$1.6 trillion lost in potential trade misinvoicing in 2018 amongst developing and advanced countries says GFI report
- NatWest fined £264.8 million for AML failings
- HSBC fined nearly US$64 million for failings in AML systems
- Reintroduce international banks in the oil and gas commodity trade to reduce illicit financial flows says OECD report
- More information sharing and collaboration needed to combat TBML says major new US government report
- Focus on trade in radically overhauled new US strategy for an international fight against corruption
- Blockchain and artificial intelligence offer opportunities to curb illicit trade says TBML focused US senator
- Targeting IFFs would make wildlife and environmental crimes high-risk, low profit undertakings, CITE’s chief tells FATF conference
- Establish central beneficial ownership registries and outlaw bearer shares US senator tells FATF
- TBML links in major national security and corruption threats presented by opaque US private investment firms
- Wholesale banking, retail banking and wealth management sectors pose greatest money laundering risk
November 2021
- Assessing the impact of Covid-19 on trade-based financial crime
- Mashreqbank agrees US$100 million settlement for Sudanese sanctions violations
- FinCEN issues specific instructions to banks in response to upward trend in environmental crimes
- UK central to US$483 billion annual losses due to tax abuse by multinational companies and wealthy individuals
- Financial flows associated with illegal wildlife trade in South Africa uncovered
- Egmont Group publishes report to help identify financial transactions linked with financing of extreme right-wing terrorism
- TBML vulnerabilities catalogued in new report on financial crime in Kenya
- Singapore responds to Pandora Papers by mulling changes to AML/CFT controls
- Swiss commodity trade finance banks respond to major frauds and insolvencies in 2020 with recommended best practices guide
- FinCEN reminds US banks to comply with new FATF country risks but beware wholesale de-risking
- Single window customs portal expected to curb TBML in Pakistan says former finance minister
- Egmont Group and FATF publish digital transformation report for FIUs and other operational agencies
- NatWest profits dented by expected fine for AML breaches
October 2021
- UAE publicises improvements in AML/CFT systems
- Liberia and Sierra Leone endorse joint communiqué on border security and call for more regional cooperation
- Master of trade-based money laundering extradited to and charged in US
- FATF publishes survey results on cross-border payments and the implementation of its standards
- FATF seeks views on combatting corruption through shell companies
- Trade-based financial crime features in Turkey’s downgrade to FATF’s grey list
- TBML not well understood, even by financial experts
- GFI survey includes TBML amongst four key financial crimes in Latin America and the Caribbean
- AML and KYC requirements remain top barriers to expanding trade finance operations
- South Africa’s understanding of trade-based financial crime limited says FATF
- UN commission links TBML with South Sudanese funds misappropriated to buy London properties – no comment from banks involved
- UAE issues new AML/CFT guidance for financial institutions serving cash-intensive businesses