Gold bars concealed in shipments of other goods in complex TBML case
A complex case of trade-based money laundering (TBML) has been revealed after an investigation exposed a scheme to purchase gold bars in Singapore and export them in concealed shipments. Declarations were made in Singapore that the shipments contained items other than gold, such as mechanical…
UN says it should wrest control over global tax rulemaking from OECD
China, India and developing countries across Africa, Asia and the Middle East largely support it, but some industrialised nations have expressed reservations about the ambitious scoping document for a UN tax convention, that would see the UN take over from the Organisation for Economic Cooperation…
FinCEN issues notice to customers of financial institutions about reporting beneficial ownership information
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a notice to customers of financial institutions about reporting beneficial ownership information. The Corporate Transparency Act (CTA) requires certain entities, including many small businesses, to report to FinCEN information about the individuals who ultimately…
UAE establishes new AML organisations in efforts to comply with international standards
The UAE has issued a decree comprising a raft of amendments that the government hopes will signal a transformative shift in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime. The amendments include wholesale changes to the legal framework to combat financial crimes…
Singapore amends AML/CFT legislation to facilitate property seizures, align with FATF standards and enhance data sharing
To better tackle money laundering offences, Singapore’s parliament has passed a bill that will give more teeth to city-state’s courts when dealing with properties linked to suspected financial crime. The bill also aims to bring Singapore’s framework for anti-money laundering and countering the financing of…
UAE suspends gold refineries for 256 violations, including failures to identify risks, file suspicious transaction reports, and examine databases
The UAE’s ministry of economy has temporarily suspended the activities of 32 of the country’s gold refineries for failing to meet anti-money laundering (AML) compliance standards as part of the government’s continued efforts to implement legislative and regulatory reforms to ensure that the emirates’ AML…
Dubai and Hong Kong identified as the new global hotspots for flows of dirty money
New research has identified a large-scale shift from the UK to what researchers are terming the “Dubai-Kong axis” as the emerging global hotspot for illicit financial flows (IFFs), whether this be money tied to corruption, organised crime or sanctions evasion. Researchers in the UK at…
High profile African forum to focus on UBO identification according to FATF requirements
To improve global trade in Africa and align with international regulatory and compliance standards, the African Export-Import Bank (Afreximbank), in partnership with the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), is hosting a high-profile compliance forum in Dakar, Senegal, from 4 to…
North Korean commodity trades with China used to raise funds to buy WMD related goods for Pyongyang
Large cross-border trade networks run by Chinese intermediaries have acted as procurement proxies, enabling North Korea’s designated entities to access the global financial system, according to a paper published by the London-based Royal United Services Institute for Defence and Security Studies (RUSI). Shopping for Mass Destruction:…
Wolfsberg Group casts doubt on SAR/STR effectiveness, recommends alternative approach
The constantly increasing volume of suspicious activity reports and suspicious transaction reports SARs/STRs is not contributing proportionately to effective outcomes in the fight against financial crime, according a paper published by the Wolfsberg Group. The association of global banks that aims to develop frameworks and…
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Trade Based Financial Crime
Trade Based Financial Crime
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