US banks were caused to process tens of millions of dollars in schemes to evade sanctions and export controls applicable to Russia according to an indictment charging five Russian nationals and two oil traders with global sanctions evasion and money… Read More ›
Trade misinvoicing is possibly the most pervasive form of Chinese money laundering according to a new report published by Global Financial Integrity (GFI) which concludes that China plays an extremely impactful role as a source, transit and demand country in… Read More ›
Myanmar has joined Iran and North Korea on the Financial Action Task Force (FATF) list of high-risk jurisdictions subject to a call for action, better known as the FATF ‘black list’. Despite calls from Ukraine and elsewhere for Russia to… Read More ›
The integrity of the global trade system and financial industry as well as both regional and global security are under growing threats posed by transnational criminal organisations (TCOs) and terrorist organisations according to the World Customs Organisation (WCO) and the… Read More ›
Nearly a decade after the Financial Action Task Force (FATF) introduced requirements for National Risk Assessments (NRAs) of money laundering and terrorism financing (ML/TF) risks, the international community is at the right point to review the past 10 years and… Read More ›
Allowing environmental, conservation, and anti-corruption organisations to access export invoices and trade data to identify misinvoicing could help curb environmental crime, including illegal mining, logging, fishing, and wildlife trafficking, according to a virtual convention on environmental crime related illicit financial… Read More ›
Eight individuals indicted by a US jury in Boston for their alleged roles in elaborate money laundering and money transmitting conspiracies operated a sophisticated trade-based money laundering (TBML) scheme that used stolen or fraudulent gift cards to purchase and ship… Read More ›
Trade finance products and services as well as correspondent banking are amongst the bank offerings at South African banks at highest risk for money laundering (ML), terrorist financing (TF) and proliferation financing (PF) according to a report by the Prudential… Read More ›