Illicit financial flows (IFFs) in the EU’s Eastern Partnership (EaP) region, can be estimated at around €29 billion (US$31 billion) every year according to a new study released by the EU and the UN Interregional Crime and Justice Research Institute…. Read More ›
Tax abuse by multinationals and ultra-wealthy individuals causes annual tax losses of US$483 billion worldwide according to a new report by the Global Alliance for Tax Justice, Public Services International and the Tax Justice Network. The largest share of tax… Read More ›
Concerns over trade-based financial crime contributed to the decision by the Financial Action Task Force (FATF) to add Turkey to its grey list of jurisdictions subject to increased monitoring for failing to adequately implement anti-money laundering and counter financing of… Read More ›
The UN Commission on Human Rights in South Sudan has published a conference room paper in which it concludes that activities “consistent with trade-based money laundering” (TBML) were used to effect purchases of residential properties in London. The commission says… Read More ›
The Financial Transactions and Reports Analysis Centre of Afghanistan (FinTRACA) from has been disconnected from the Egmont Secure Web (ESW) by the Egmont Group of Financial Intelligence Units (FIUs). In a brief statement the Egmont Group said it disconnected the… Read More ›
Addressing illicit financial flows (IFFs), revenue mismanagement and corruption is one of four imperatives highlighted by UN secretary-general António Guterres that must be enacted to ensure that the benefits of mineral resources reach all people in society, not just elites,… Read More ›
The European Banking Authority (EBA) has released updated guidelines on customer due diligence and the factors credit and financial institutions should consider when assessing money laundering and terrorist financing (ML/TF) risks associated with individual business relationships and occasional transactions. The… Read More ›
Illicit trade in natural resources – including protected flora and fauna as well as illegally harvested and mined commodities such as timber, metals and stones – is likely to come into sharper focus after the UN’s adoption of the Kyoto… Read More ›