Federal investigative agencies have done little to address trade-based money laundering (TBML) according to the final version of a report commissioned by British Columbia into money laundering following revelations of widespread trade-based financial crime in the Canadian province (Trade-based Financial… Read More ›
Ukraine’s finance minister Sergii Marchenko says he has called on 37 other finance ministers of Financial Action Task Force (FATF) member states to support Kyiv’s appeal for Russia to be expelled from the FATF and included on its list of… Read More ›
The ministers of the Financial Actional Task Force (FATF) at their biennial meeting in Washington last week said they “note with concern” that effectiveness of measures in place to fight money laundering, terrorist financing, and proliferation financing, remains insufficient in… Read More ›
A non-partisan alliance of more than 100 US and international organisations working toward a fair tax system has “applauded” the proposal by the US treasury department’s Financial Crimes Enforcement Network (FinCEN) for revised rules on beneficial ownership information reporting requirements (Trade-based… Read More ›
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 ›
Pakistan Customs has become the first authority in the region to sign an agreement with TradeLens, a blockchain-underpinned logistics platform supported by five out of six of the world’s largest ocean carriers to digitise import-export documentation of containerised cargo. Jointly… Read More ›
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 ›
The wholesale banking, retail banking and wealth management sectors in the UK remain vulnerable to financial crime and pose the greatest money laundering risk based on sector risk assessments by the country’s Financial Conduct Authority (FCA). According to the UK… Read More ›