Australia’s government agency for detecting, deterring and disrupting financial crime has published guidance providing indicators and behaviours to help financial service providers – particularly those engaged in trade financing – to detect and report suspicious financial activity. The guidance by 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 ›
UK overseas jurisdictions, collectively with the UK itself, make up the world’s biggest enabler of financial secrecy, according to analysis by the Tax Justice Network (TJN). While the UK overseas jurisdictions, some of which have a reputation for operating as… Read More ›
An analysis by consultants at Forensic Risk Alliance (FRA) of anti-money laundering (AML) trends and challenges has identified trade-based money laundering (TBML) and the illegal wildlife trade (IWT) as two of the four money laundering typologies that have recently received… Read More ›
Non-fungible tokens (NFTs), the financial securities consisting of digital data stored in a blockchain, can be used in trade-based money laundering (TBML) operations according to Niels Obbink, chief and general director of the Fiscal Information and Investigation Service, the Dutch… Read More ›
Pakistan’s new national single window customs portal, which allows traders to submit and access all relevant documents relating to a trade via a single electronic gateway, is to integrate with its Chinese counterpart after the customs authorities in the two… Read More ›
Sanctions imposed on Russia create incentives for illicit trade schemes and trade-based money laundering (TBML) involving myriad of illicit methods according to an associate professor at the King’s Russia Institute in London. Alexander Kupatadze, who specialises in organised crime and… Read More ›