Australian financial institutions have reported increased exposure to trade-based money laundering (TBML) and supply chain corruption amongst various other financial crimes over the past 18-24 months according to the latest LexisNexis True Cost of Compliance Study – Australia. The firms… Read More ›
Trade-based money laundering (TBML) has ranked top of the list of emerging financial crime risks in the latest LexisNexis True Cost of Compliance Study – Asia-Pacific Edition. Crimes involving digital payments and cryptocurrency, third parties – including TBML, money mules,… Read More ›
An estimated US$1.6 trillion in potential trade misinvoicing among 134 developing countries has been identified in 2018 according to a new report published by Global Financial Integrity (GFI). Trade-related Illicit Financial Flows in 134 Developing Countries 2009-2018 says that of that US$1.6… Read More ›
An Indian money exchange operator or hawala dealer is suspected of employing multiple trade-based money laundering (TBML) techniques in a string of dubious transactions. Naresh Jain allegedly arranged transactions maybe amounting to billions of US dollars using hundreds of shell… Read More ›
Indian customs officers are conducting manual inspections of Chinese imports for under-invoicing. The clampdown on under-invoicing comes amidst increased tensions between India and China. Manual inspections India’s nationwide effort to identify under-invoicing of goods involves all land and sea ports… Read More ›
India’s ministry of corporate affairs (MCA) is turning to artificial intelligence (AI) and data analytics as key elements to expose shell companies. The ministry is in the process of constructing what it describes as an advanced version of its MCA… Read More ›
India’s Central Excise and Service Tax Appellate Tribunal (CESTAT) – which was established as an independent forum to hear appeals against orders passed by the Commissioners of Customs and Excise – has asked customs officials to investigate what they describe… Read More ›
India has issued the Companies (Significant Beneficial Owners) Rules, 2018, requiring companies and partnerships in the country to maintain an official record of persons holding beneficial shares. Companies must also file a return with the Registrar of Companies providing details… Read More ›