The Lagos Chapter of the Association of Certified Fraud Examiners (ACFE) is calling on the Nigerian federal government to consider decentralising investigations of money laundering and other related crimes to more effectively curb illicit financial flows (IFFs). President of the… Read More ›
Africa
Potatoes, onions and cars employed in money laundering schemes as banks help Dutch investigators crackdown on TBML
Dutch criminals are using agricultural commodities such as potatoes and onions as well as motor vehicle exports to Africa in increasingly sophisticated trade based money laundering (TBML) schemes according to the CEO of the Netherlands’ Fiscale Inlichtingen en OpsporingsDienst (Fiscal… 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 ›
Fight against corruption and IFFs key plank in South Africa’s economic recovery plan
South African President Cyril Ramaphosa has said his government is intensifying its fight against corruption and illicit financial flows (IFFs) as an integral part of its plans to revive the country’s economy in the wake of the coronavirus pandemic. In… Read More ›
UNCTAD and ZRA mineral tracking tool now available for other countries
A mineral tracking system employing a data evaluation tool designed by the United Nations Conference on Trade and Development (UNCTAD) and the Zambian Revenue Authority (ZRA) helped Zambia recover an additional US$1 million in export dues from mining companies in… Read More ›
COP10 focus on role IFFs play impeding progress towards SDGs
The 10th meeting of the Conference of the Parties (COP10) to the UN Convention against Transnational Organised Crime (TOC) has highlighted the role illicit financial flows (IFFs) play impeding progress towards the sustainable development goals (SDGs), particularly in Africa. The… Read More ›
UNCTAD publishes extensive report on IFFs out of Africa
The United Nations Conference on Trade and Development (UNCTAD) has published an extensive study into illicit financial flows (IFFs) out of Africa that it estimates to amount to around US$89 billion annually. The report argues that IFFs are a shared… Read More ›
Nigérien officials skim US$137 million off US-subsidised arms deals
Shell companies played a central role in enabling the West African nation of Niger to enter into arms deals subsidised by the US that totalled about US$1 billion between 2011 and 2019. But almost a third of that money was… Read More ›