Penalties and fines of up to 100,000 dirhams (AED100,000 – US$27,223) are in the offing for UAE-based companies that fail to comply with reporting beneficial ownership information under new regulations that take effect on 1 July. The UAE has already… Read More ›
Standard Chartered Bank has more chance of taking possession of assets attached to alleged Indian gold and diamond fraudster, Jatin Mehta, after a judge in the UK high court restored four suspected shell companies. The bank was one of several… Read More ›
Nigerian NGO Human and Environmental Development Agenda (HEDA) has published a three part report on policies, laws and practices in the UK and the UAE as well as domestically in relation to the roles of financial and non-financial institutions in… Read More ›
The exclusion of artisanal and small-scale miners from the financial system and Switzerland’s opaque banking laws are amongst the factors making Colombia’s gold sector vulnerable to illicit financial flows (IFFs) according to a new report published by Global Financial Integrity… Read More ›
In a landmark judgment one of the world’s ‘Big 4’ accounting firms, EY, has been ordered to pay approximately US$11 million in damages for deliberately turning a blind eye to trade-based financial criminality that some staff repeatedly raised concerns about… Read More ›
Global Financial Integrity (GFI) has published a new study, Sudan and Trade Integrity, examining trade-related illicit financial flows (IFFs) in Sudan’s crude oil and gold sectors. The analysis by the Washington based non-profit that focuses on IFFs indicates potential revenue losses of US$5.7… Read More ›