US Customs and Border Protection (CBP) will be increasing its focus on trade-based money laundering (TBML) and tax evasion this year according to CBP’s executive assistant commissioner, AnnMarie Highsmith. Customs officers are at the forefront of efforts to counter TBML… Read More ›
China’s belt and road initiative (BRI), the massive global infrastructure development strategy aimed at reshaping global trade routes, has improved transport corridors according to a report published by Global Financial Integrity (GFI) and London university’s Kings College. But these improved… 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 ›
Britain’s tax and customs authority, His Majesty’s Revenue and Customs (HMRC), is developing a strategic action plan to significantly degrade the ability of organised crime groups to use trade-based money laundering (TBML). Writing in the UK’s National Crime Agency (NCA)… 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 ›
The total projected cost of financial crime compliance in the US and Canada for 2022 is up 13.6 per cent from 2021 to US$56.7 billion, according to a survey of North American financial institutions by Lexis Nexis Risk Solutions. The… Read More ›
International banks and audit firms were used by a company involved in an “aggressive profit shifting” trade-based money laundering (TBML) scheme to understate its taxable income and tax liability due to the Zambian government by over US$700 million according to… Read More ›
J P Morgan has entered into a global strategic alliance with California-based artificial intelligence (AI) and machine learning (ML) platform Cleareye.ai to digitise trade finance due diligence processing. The alliance aims to identify trade-based money laundering (TBML) and sanctions red… Read More ›