Correspondent banking arrangements can be manipulated to disguise the movement of funds for terrorist financing purposes according to the International Monetary Fund’s (IMF’s) recently published book on counter terrorism financing frameworks (Trade-based Financial Crime, 15 May 2023). But Countering the… Read More ›
TD Bank’s US$13.4 billion takeover of US regional bank First Horizon collapsed over regulators’ concerns about the Canadian lender’s anti-money laundering (AML) practices, according to the Wall Street Journal (WSJ). On May 4 2023, TD Bank informed First Horizon that… Read More ›
Collaboration between public sector agencies and reporting entities such as banks can significantly enhance the effectiveness of measures to counter financing of terrorism according to the International Monetary Fund’s (IMF’s) recently published book on counter terrorism financing frameworks (Trade-based Financial… Read More ›
Transactions with connections to a trade-based money laundering (TBML) scheme have been revealed in an investigation by the US treasury department’s Financial Crimes Enforcement Network (FinCEN) that has resulted in a US$1.5 million civil money penalty on South Dakota-chartered Kingdom Trust Company… Read More ›
Art market experts have responded to the recently published Financial Action Task Force (FATF) report on money laundering and terrorist financing in the art and antiquities market (Trade-based Financial Crime, 1 March 2023). The report has been generally well received… Read More ›
An investigation into a US$30 million loan to South Sudanese oil marketing company, Trinity Energy, claims to have revealed red flags concerning trade-based money laundering (TBML), bribery and tax evasion. The loan from the African Export-Import Bank (Afreximbank) was backed… Read More ›
Russian customs data shows that countries most actively facilitating circumvention of wartime sanctions by Russia include China, Turkey, Cyprus and the UAE, according to analysis by the Free Russia Foundation (FRF). Western allies are responding by calling on jurisdictions to… Read More ›
The Financial Action Task Force (FATF) has published a new report that includes a list of risk indicators to help entities identify suspicious activities in the art and antiquities markets, and outlines good practices that countries have taken to address… Read More ›