Trafigura Group has revealed that it stands to lose more than half a billion dollars after discovering a “systematic fraud” committed by a group of companies connected to and apparently controlled by Prateek Gupta, including TMT Metals and companies owned… Read More ›
Financial crime is set to soar while fraud and scams will continue to evolve during 2023, according to a new report by financial crime and fraud risk detection firm, ComplyAdvantage that says 99 per cent of firms say they are… Read More ›
Trade-based money laundering (TBML) is one of the primary channels used to move the proceeds of fraud perpetrated in the Caribbean, according to a new report by Global Financial Integrity (GFI), the Washington based non-profit focused on illicit financial flows…. Read More ›
Non-fungible tokens (NFTs), the financial securities consisting of digital data stored in a blockchain, can be used in trade-based money laundering (TBML) operations according to Niels Obbink, chief and general director of the Fiscal Information and Investigation Service, the Dutch… Read More ›
TradeSun, a trade finance platform that features artificial intelligence (AI) technology that augments human behaviour by learning how employees interact with trade finance documents, has partnered with maritime and trade information, analytics and solutions provider IHS Markit, to offer an… Read More ›
South Africa’s banks are bracing themselves for further findings of the judicial commission of inquiry into allegations of state capture after the first part of its report recommended that authorities investigate Nedbank and its employees over their alleged roles in… Read More ›
Ten banks active in commodity trade finance (CTF) in Switzerland have responded to the slew of huge trade finance scandals that emerged in 2020 by producing a summary published by the Swiss Trading & Shipping Association (STSA) of recommended best… Read More ›
British regulators have written an unusually blunt letter to the CEOs of the UK’s largest banks ordering them to conduct a full financial crime risk assessment of their processes to detect money laundering, sanctions evasion, terrorist financing and fraud among… Read More ›