Mexico-EU trade deal to incorporate anti money laundering code
Mexico and the EU have signed a preliminary agreement on an expanded and far reaching trade agreement. Measures to tackle money laundering are a key feature of the agreement that contrasts strongly with increasingly isolationist trade policies, notably in the US. Deeper and broader The…
Expert warns of state-sponsored trade-based money laundering
An analyst who specialises in the means through which some states under authoritarian rule, terrorists, and criminals use free markets to restrict freedom has warned of the dangers of state-sponsored trade-based money laundering. In a piece for The Hill news website, Clay Fuller argues that…
India closes cryptocurrency option for trade-based financial crime
The Reserve Bank of India (RBI) has ordered all regulated financial companies to end within 90 days all services to individuals or businesses dealing with bitcoin and other cryptocurrencies using blockchain technology. The order essentially bars traders from using the banking system to buy or…
Initial Coin Offerings on the radar of trade-based financial crime focused agencies
The possibility of using newly launched cryptocurrencies in trade-based financial crime as well as a host of other money laundering and terrorist funding typologies is drawing the attention of agencies charged with detecting and preventing illicit and illegal financing. One example of this can be…
Bermuda takes steps towards beneficial ownership transparency
Bermuda has taken several steps over the last year to strengthen anti-money laundering and counter-financing of terrorism (AML/CFT) regulations to meet international transparency standards. The British Overseas Territory is also broadening its beneficial ownership regime as required by Bermuda’s signing of the UK Exchange of…
Indian court asks CBI why over-invoicing investigation has been shelved
The Delhi High Court has asked India’s Central Bureau of Investigation (CBI) to explain why it has closed its enquiries into alleged trade-based money laundering (TBML) in the Adani Group’s power production operations. The CBI has allegedly improperly closed a preliminary enquiry against the Indian…
Blockchain system to counter trade-based financial crime
A partnership of three companies in India has launched a blockchain-based financing platform that aims to curb trade-based financial crime. The companies, RXIL, ATReDS, and MYND Solutions, say the new platform will help detect fraudulent double financing of invoices. Digital platform The three companies, each…
StanChart units fined for breaching AML/CFT requirements
Standard Chartered Bank (StanChart) units in Singapore have been fined a total of S$6.4 million (US$4.85 million) for breaching anti-money laundering and counter financing of terrorism (AML/CFT) requirements. Standard Chartered Bank Singapore (SCBS) has been fined S$5.2 million (US$3.95 million) and Standard Chartered Trust Limited…
Top US customs official seeks more authority to catch trade cheats
US Customs and Border Protection (CBP) executive assistant commissioner, Brenda Smith, has said her agency needs more authority to curb trade cheats. Smith was appearing before a Senate finance committee hearing focused on counterfeit imports during which she indicated that additional powers would also help…
Lenient penalties may compromise Portugal’s beneficial ownership legislation
Portugal’s new legislation to ensure trading companies disclose information on ultimate beneficial owners (UBOs) was enacted in August 2017 and came into force the following November. But now lawyers are saying that while the legislation is comprehensive, it may be rendered less effective by some…
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Trade Based Financial Crime
Trade Based Financial Crime
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