Trade-based tax evasion and money laundering cost the US government more than US$640 billion in taxable income during 2021 according to a new report commissioned by Sēk Strategies, a Washington-based consultancy firm focused on transparency, accountability, human rights and the… Read More ›

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New Thomson Reuters offering aims to identify beneficial owners of international entities
Thomson Reuters has launched CLEAR Global Beneficial Ownership (GBO), a new product that aims to enable organisations to quickly understand the ownership and control of international corporate entities and help them find global business registry information. The launch coincides with… Read More ›
Clamp down expected on UK registered shell companies favoured by Russia and other ex-Soviet actors
The UK government has published its proposals to clamp down on the use of anonymous or fraudulent shell companies and partnerships that provide criminals with a veneer of legitimacy to help commit a range of crimes, from money laundering and… Read More ›
Credit Suisse documents prompt calls for Switzerland to be considered for inclusion on EU’s AML/CFT blacklist
The European People’s Party (EPP), the conservative grouping which holds the biggest number of seats in the European Parliament, has called for a review of Switzerland’s banking practices and for the country’s possible inclusion in the EU’s list of countries… Read More ›
Difficult to assess FinCEN’s beneficial ownership reporting proposals say US banks
The American Bankers Association (ABA) has responded to the proposal by the US treasury department’s Financial Crimes Enforcement Network (FinCEN) for revised rules on beneficial ownership information reporting requirements (Trade-based Financial Crime, 30 December 2020). The association says it supports… Read More ›
Illegal gold trade in Ecuador vulnerable to money laundering says new report
The illegal gold trade in Ecuador is growing and increasingly accelerated by illicit cross-border contraband flows and unique vulnerabilities to money laundering activity according to a new report by the Organisation of American States Department against Transnational Organised Crime (OAS/DTOC)…. Read More ›
TBML increasingly a priority for financial institutions in Asia Pacific says new report
New research conducted by RegTech NICE Actimize and Regulation Asia, suggests that countering financial crime could move beyond well-used tools such as suspicious transaction monitoring and sanctions screening and focus on high risk areas, including trade-based financial crime. Other areas… Read More ›
Undervalued exports of gold and cocoa from Ghana in 2011-17 amounted to US$8.8 billion
Mispricing of gold and cocoa exports from Ghana has contributed to significant tax base erosion from one of Africa’s most resource rich countries according to a new paper based on an innovative methodology for measuring abnormal pricing. Instead of using… Read More ›