National Westminster Bank (NatWest) has been fined £264.8 million (US$349.4 million) following convictions for three offences of failing to comply with money laundering regulations. The bank pleaded guilty to the charges earlier this year in the first ever case in… Read More ›
Better information sharing and collaboration is needed to combat trade-based money laundering (TBML) according to a substantial report released on Monday by the US Government Accountability Office (GAOs). Countering Illicit Finance and Trade concluded that TBML is one of the… Read More ›
The US will work with international partners as well as domestically to prevent, limit, and respond to corruption and related crimes in a significant overhaul of the way it targets public corruption that includes a clear focus on international trade… Read More ›
NatWest Bank has booked a £294 million (US$402 million) litigation charge in its quarterly results released 29 October to pay for anti-money laundering (AML) failures that led to censure from the UK’s Financial Conduct Authority (FCA). A huge fine is… Read More ›
One of the UAE’s most prominent political figures has put his name to an extensive article outlining what appear to be substantial changes to the emirates’ anti-money laundering and counter financing of terrorism (AML/CFT) systems. In 2020 the Financial Action… Read More ›
Trade-based money laundering (TBML) is one of four types of financial criminality examined in a comprehensive survey of 250 financial crime experts in Latin America and the Caribbean published by Global Financial Integrity (GFI). The Washington-based non-profit focused on illicit… Read More ›
South Africa has been given 18 months by the Financial Action Task Force (FATF) to improve its capacity to track and prosecute money laundering and terrorist financing or face being including on the so-called FATF grey-list. The Mutual Evaluation Report… Read More ›
The Central Bank of the UAE has issued new guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) requirements for licensed financial institutions that provide services to cash-intensive businesses. Financial institutions should demonstrate compliance with the new requirements… Read More ›