L/Cs and document collection can protect against TBML
Letters of credit (L/Cs) and document collection can protect against trade-based money laundering (TBML) according to a research paper written by a professor at the Bangladesh Institute of Bank Management, Shah Md Ahsan Habib. He presented the paper, Safeguarding Trade Transactions and Prevention of Trade…
Gold laundering routes from South Sudan to Dubai via Kenya and Uganda revealed
The Global Initiative Against Transnational Organised Crime (GI-TOC) has published a report that presents strong indications that millions of US dollars’ worth of gold is being produced and smuggled out of South Sudan. Tarnished hope; Crime and corruption in South Sudan’s gold sector also outlines how gold is…
IMF suggests incentives for banks to maintain correspondent banking arrangements
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 Financing of Terrorism: Good Practices…
Italian and Spanish police arrest 33 suspects in globally active TBML network
Authorities in Italy and Spain have arrested 33 suspects in a coordinated action against a globally active money laundering criminal network according to the EU police agency, Europol. It says those arrested allegedly laundered drug profits generated in Europe, by offering the service of trade-based…
TBML increasingly prevalent across Europe and beyond says head of Ireland’s fraud squad
Trade-based money laundering (TBML) has recently become more prevalent across Europe according to the head of Ireland’s Garda National Economic Crime Bureau (GNECB), detective chief superintendent, Pat Lordan. Speaking to Irish new channel, The Journal, at the European Anti-Financial Crime Summit in Dublin last week, Lordan…
TD Bank’s takeover of First Horizon reportedly scuppered by AML concerns
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 it did not have a…
US banks used to launder funds in illicit gold scheme, Russian national indicted
A US federal grand jury has indicted a Russian national who allegedly used the American banking system to illegally transmit more than US$150 million, of which US$65 million was used to illicitly purchase overseas gold bullion. Feliks Medvedev has been indicted on 39 counts of…
US financial institutions should remain vigilant for Russian attempts to evade US export controls say FinCEN and BIS
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) and the commerce department’s Bureau of Industry and Security (BIS) have issued a supplemental joint alert urging US financial institutions to remain vigilant for potential attempts by Russia to evade US export controls. The latest alert…
Partnerships between public sector agencies and reporting entities can strengthen measures to counter financing of terrorism
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 Crime, 15 May 2023). Countering…
G7 to discuss trade in Russian-origin diamonds, gold and other metals
Tightening restrictions on trade in Russian-origin diamonds, gold and other metals is expected to feature prominently in discussions amongst leaders of the Group of Seven (G7) nations when they contemplate further sanctions on Moscow at a summit this week. Other topics up for discussion include…
