Nassa Group founder accused of using L/Cs in US$3 million TBML scheme
Founder and chairman of Bangladesh-based Nassa Group, Nazrul Islam Mazumder has been accused of being involved in laundering US$3 million to the US through trade-based money laundering (TBML). He used letters of credit (L/Cs) to facilitate this by allegedly manipulating trade documents to channel his funds…
Sinaloa cartel’s ‘legitimate businesses’ play significant roles in drug trafficking and trade-based financial crime
The US treasury department, through its Office of Foreign Assets Control (OFAC), has provided insightful details on how members of Mexico’s Sinaloa cartel frequently utilise the proceeds of international drug trafficking to establish apparently legitimate businesses. Apart from the initial investment of illicit proceeds, these…
G7 and EU issue unprecedented warning to China and third countries on Russian sanctions evasion
The G7 foreign ministers of Canada, France, Germany, Italy, Japan, the UK, the US and the high representative of the EU have issued an unprecedented warning over Russian sanctions evasion. The Western leaders are concerned that international sanctions imposed against Moscow in response to its…
Wolfsberg responds to FSB’s consultations on regulating and supervising cross-border payment services and data frameworks alignment
The Wolfsberg Group has provided a written response to the Financial Stability Board’s (FSB’s) ‘Recommendation 1’ for regulating and supervising bank and non-bank payment service providers offering cross-border payment services. In the same document, Wolfsberg provides feedback to the international body that provides guidance on…
FATF commends India’s AML/CFT improvements, but concerned about lack of prosecutions and approach to NPOs
In its recent evaluation of India’s anti-money laundering and counter financing of terrorism (AML/CFT) efforts, the Financial Action Task Force (FATF) has praised India for making substantial improvements. But while acknowledging that the country faces serious threats from terrorist groups like Islamic State and Al-Qaeda…
Financial crime compliance and privacy: finding the balance
The Global Coalition to Fight Financial Crime (GCFFC) has published a working paper that sets out a multi-disciplinary explanation of the intersection between global financial crime compliance regulations (FCC) and global data protection and privacy laws (DPP). The paper produced by the GCFFC Data Privacy…
US Port of Savannah revealed as TBML exit point for luxury cars destined for Africa and the Middle East
The Port of Savannah in the US state of Georgia is being used as an exit point for luxury cars to be shipped to Africa and the Middle East in trade-based money laundering (TBML) schemes, according to US customs and border protection officials. Luxury cars…
None of the UK’s professional body supervisors fully effective in AML supervision says financial watchdog
The UK’s Financial Conduct Authority (FCA) has found that none of the country’s professional body supervisors (PBS) are fully effective in all areas anti-money laundering (AML) supervision, according to a new report published by the authority. The report, published by the financial sector watchdog’s Office…
ADB pilot to combat TBML in Bangladesh, Mongolia, Nepal, Pakistan, and Sri Lanka yields impressive results
The Asian Development Bank (ADB) has published a brief entitled Transforming the Fight Against Trade-Based Money Laundering: New Data and Partnership. It presents the results of a trade-based money laundering (TBML) pilot conducted by the bank’s Trade and Supply Chain Finance Programme. The pilot introduced…
Colombia suspended from Egmont Group’s global intelligence network for violating confidentiality protocols
The Egmont Group has suspended Colombia’s financial intelligence unit’s (FIU’s) access to the group’s international information exchange network after Colombian President Gustavo Petro shared confidential information obtained from the FIU. The sensitive information Petro revealed pertained to the previous Colombian administration’s purchase of Pegasus spyware…
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Trade Based Financial Crime
Trade Based Financial Crime
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