The head of transaction banking at Standard Chartered Bank Malaysia, Wong Hooi Ching, has warned that trade-based money laundering is a massive global problem. Wong says substantial illicit funds pass through banks and financial institutions daily, through trade activities, money… Read More ›
Money laundering
Bangladesh orders tighter customs valuations in TBML drive
Bangladesh’s National Board of Revenue (NBR) has ordered customs officers to adopt a uniform approach to procedures for determining the value of imported goods in its fight against trade-based money laundering (TBML). The standing order issued by NBR aims to… Read More ›
Analysis of impact of IFFs on health spending
Analysis of illicit financial flows (IFFs) in the world’s poorest nations shows that these flows by far exceed health spending in many countries according to data from Global Financial Integrity (GFI). The Washington based non-profit organisation that researches and analyses… Read More ›
Action on illicit financial flows formally adopted in Sustainable Development Goals
The UN General Assembly on 25 September formally adopted the 2030 Agenda for Sustainable Development, along with a set of what the UN called “bold” new Global Goals. The agenda, which establishes the Sustainable Development Goals (SDGs), calls for illicit… Read More ›
OECD Task Force on Charting Illicit Trade lays out agenda for crackdown on illicit fund flows
The chairman of the OECD Task Force on Charting Illicit Trade (CIT) has laid out his 2015-16 agenda for how it will seek to crackdown on illicit fund flows (IFFs). Senior Director for National Security and Diplomacy Anti-Crime Programmes at… Read More ›
IFC and Switzerland to tackle East African misinvoicing
The International FinanceCorporation (IFC) and the Swiss government have jointly launched a business transparency initiative in East Africa that will address the issue of illicit financial flows (IFFs) through misinvoicing. The overarching aim of the initiative is to promote corporate… Read More ›
HSBC faces money laundering and fraud charges
The Belgian authorities have launched an investigation into HSBC’s Swiss private banking unit. “The Swiss bank is suspected of having knowingly eased and promoted fiscal fraud by making offshore companies available to certain privileged clients,” according to a statement issued… Read More ›