Saudi Arabia successfully prosecutes six people after moves to curb TBML via interagency coordination and consolidation

Prosecutors in Saudi Arabia have successfully convicted six people who participated in a trade-based money laundering (TBML) operation involving expatriates and Saudi citizens. The convictions follow moves last year by the authorities to improve to streamline the Kingdom’s tax and customs operations and coordinate interagency…

US$1.6 trillion lost in potential trade misinvoicing in 2018 amongst developing and advanced countries says GFI report

An estimated US$1.6 trillion in potential trade misinvoicing among 134 developing countries has been identified in 2018 according to a new report published by Global Financial Integrity (GFI). Trade-related Illicit Financial Flows in 134 Developing Countries 2009-2018 says that of that US$1.6 million, US$835 billion occurred between the…