African trade dampened by stringent compliance and FATF’s beneficial ownership requirements, Afreximbank responds
Stringent compliance requirements, particularly those related to anti-money laundering and counter financing of terrorism (AML/CFT), are considered to be significantly hampering the expansion of intra-African trade as well trade between Africa and the rest of the world. In response, the African Export-Import Bank (Afreximbank) is…
UAE slaps US$1.4 million fine on foreign bank for AML/CFT/IO failures
The Central Bank of the UAE (CBUAE) has imposed a fine of 5 million dirhams on a foreign bank for breaching regulations under the emirates’ legislation regarding anti-money laundering (AML) combatting the financing of terrorism (CFT) and illegal organisations (IOs). With this fine worth the…
Major Bangladeshi conglomerate under investigation for alleged TBML offences
Bashundhara Oil & Gas is currently under investigation by Bangladesh’s Criminal Investigation Department (CID) for alleged trade-based money laundering (TBML). Dhaka-based Bashundhara Oil & Gas is part of the larger Bashundhara Group, one of the country’s major conglomerates which is also under investigation, alongside group…
US senator troubled by possible TBML involving major Chinese auto parts manufacturer
US Senator Bill Cassidy, alongside other lawmakers, has raised alarms over potential breaches of US-Chinese competition law, specifically involving Qingdao Sunsong, a Chinese auto parts manufacturer, and its US-based subsidiary. Their concerns centre on allegations that US auto parts companies are purchasing products from Qingdao…
UAE introduces new AML/CFT/CFP strategy to meet international standards
The UAE has announced its new 2024-27 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing (AML/CFT/CPF). The strategy, which is formulated around 11 strategic goals, outlines the legislative and regulatory reforms the UAE is taking to prevent the impact of…
Africa’s US$100 billion IFFs lost through money laundering in agriculture, maritime and tourism sectors, and failure to capture domestic resources
Africa loses up to US$100 billion each year to illicit financial flows (IFFs) according to a comprehensive report published by the well-regarded Mo Ibrahim Foundation. As well as tackling the relationship between money laundering and industries vulnerable to IFFs, including those in the agriculture, maritime…
Bangladeshi mega-conglomerate faces serious TBML accusations
One of Bangladesh’s largest and most diversified conglomerates has been accused of trade-based money laundering (TBML) at least US$135 million by using fraudulent letters of credit (L/Cs) to obtain loans. Beximco Group laundered the money in a scheme that involved exporting goods through 18 companies…
ABN AMRO Bank goes live with CBA software solution to help curb trade-based financial crime and improve compliance
ABN AMRO Bank has gone live with Commercial Banking Applications’ (CBA’s) IBAS transaction due diligence (TDD) software to strengthen its efforts to fight trade-based financial crime and ensure regulatory compliance. The Norwegian software vendor’s solution has been rolled out across the Dutch lender’s global trade…
GFI looks at beneficial ownership Kenya’s mining industry, finds trade mis-invoicing, underreporting and undervaluation
Global Financial Integrity (GFI) has published a new report that examines the regulatory and legal framework governing Kenya’s mining industry and offers an in-depth exploration of the challenges and gaps in implementing and enforcing beneficial ownership reporting in the country. The report, Illicit Financial Flows…
Eastnet’s Safetrade solution recognised as ‘a significant innovation in the fight against trade-based financial crime’
Eastnet’s SafeTrade, a trade-based financial crime detection platform, has been awarded a silver medal in the 2024 Best AML Transaction Monitoring Innovation category by Datos Insights. According to Datos, which provides research, advisory, and consulting services with a focus on financial services, SafeTrade’s integration of…
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Trade Based Financial Crime
Trade Based Financial Crime
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