FATF should sharpen focus on environmental crimes say World Bank
Laundering of profits from illegal logging and mining, poaching and trafficking of endangered species, and waste trafficking should be sharply in focus in country evaluations of anti-money laundering (AML) controls by the Financial Action Task Force (FATF), according to a blog by senior World Bank…
EU-funded programme to monitor illicit online environmental crime with AI and open-source intelligence
A new, three-year EU-funded programme will use artificial intelligence (AI) and cutting-edge digital analysis to produce new responses to environmental crime. Implemented by the Global Initiative Against Transnational Organised Crime (GI-TOC), Eco-Solve aims to provide law enforcement, policymakers, and local communities with invaluable information to…
Austria’s Raiffeisen Bank amongst foreign financial institutions under US pressure to sever Russian connections
Raiffeisen Bank International (RBI), the largest Western lender still actively engaged in Russia, is coming under increasing pressure from Washington over its concerns that the Austrian lender might be facilitating fund flows that circumvent sanctions. RBI has countered claims by the Reuters news agency that…
Chartis publishes inaugural rankings for financial crime and compliance specialists
Chartis, which provides research and analysis of the global market for risktech and fintech, has published its first ever Financial Crime and Compliance 50 (FCC50) ranking and report that analyses vendors in this market. The methodology employed by Chartis includes looking specifically at how vendors…
Wolfsberg updates guidance on countering the financing of terrorism
Collective responsibility shared between financial institutions (FIs) and law enforcement agencies amongst other public and private sector actors is central to countering terrorist financing according to the Wolfsberg Group’s newly revised and updated statement on the suppression of the financing of terrorism. The statement, which…
FATF issues updated guidance on beneficial ownership and transparency of legal arrangements
The Financial Action Task Force (FATF) has updated its risk-based guidance for its Recommendation 25 on beneficial ownership and transparency of legal arrangements. The guidance explains the requirements to obtain adequate, accurate and up-to-date beneficial ownership information for express trusts and similar legal arrangements and…
US follows EU to probe transparency versus privacy issues in beneficial ownership regulations
A court in the US state of Alabama has determined that the Corporate Transparency Act (CTA) is unconstitutional in a ruling that underlines the tension between the need for transparency of beneficial ownership in financial transactions and the protection of privacy and individual liberties. Effective…
Wolfsberg Group publishes updated country risk FAQs
The Wolfsberg Group has published an updated Country Risk Frequently Asked Questions (FAQs) that aims to provide a comprehensive understanding of the implications of country risk in the context of anti-money laundering (AML) and counter financing of terrorism (CFT) measures, including customer due diligence (CDD) requirements. The FAQs…
Financial crime compliance costs up at most APAC financial institutions
Financial crime compliance costs increased for 98 per cent of financial institutions in 2023 while the total cost of financial crime compliance in the Asia Pacific region (APAC) has reached US$45 billion, says LexisNexis Risk Solutions in its latest True Cost of Financial Crime Compliance…
Zambia reveals US$2.8 billion of IFFs in final quarter of 2023
Zambia’s Financial Intelligence Centre’s (FIC) says that during the quarter ended 31st December 2023, it received 450 reports worth over US$2.8 billion on suspected tax evasion, fraud, forgery or money laundering. The reports, which have been forwarded to law enforcement agencies for further investigation, involved…
FinCEN brings private investor sector in line with financial institutions under BSA requirements
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has proposed a new rule intended to close the loophole that has historically allowed private equity, hedge fund and venture capital firms to dodge even basic anti-money laundering checks. Under the proposed rule, firms operating in…
Frankfurt to host new EU Anti-Money Laundering Authority
Frankfurt has been chosen by European Parliament and Council as the seat of the EU Anti-Money Laundering Authority (AMLA), the EU’s new enforcer in the fight against money laundering and terrorism financing. Deciding the location of AMLA’s headquarters sets the stage for the European Parliament…
Washington ramps up restrictions on Iraq-based banks for allegedly helping Iran-backed groups evade sanctions
Iraqi lawmakers are concerned about banks in Iraq being increasingly sanctioned or otherwise restricted from international trading by Washington because the US treasury department says the banks are helping Iranian entities evade US sanctions. Several banks have been sanctioned, eight have been banned from making…
FinCEN’s focus on fentanyl highlights TBML concerns
Andrea Gakki, the director of the US Financial Crimes Enforcement Network (FinCEN), earlier this month highlighted the agency’s focus on the country’s fentanyl crisis to the US house of representatives’ committee on financial services. The trade in fentanyl and other opioids in the US is…
Latest news
Trade Based Financial Crime
Trade Based Financial Crime
This online training course provides you with the technical knowledge required to succeed within the trade finance compliance landscape.