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…
Kenya and Namibia enter FATF grey list while Barbados, Gibraltar, Uganda and the UAE exit
The Financial Action Task Force (FATF) last week added Kenya and Namibia to its grey list of jurisdictions subject to increased monitoring the task force announced at its plenary meetings in Paris. At the same time, the global financial watchdog removed Barbados, Gibraltar, Uganda and…
Trade finance banks doing business with Africa increasingly vulnerable to terrorist financing risks
The US treasury department has highlighted in its 2024 National Terrorist Finance Risk Assessment (NTFRA) the risks trade finance banks run through possible exposure to terrorist financing via correspondent banking relationships. It also says that relationships with counterparties in Africa are increasingly vulnerable to terrorist…
Financial institutions responding to new UK office to clamp down on companies evading Russian sanctions
The UK has announced the establishment of a new Office of Trade Sanctions Implementation (OTSI) to strengthen enforcement and clamp down on companies evading sanctions, specifically but not exclusively those imposed on Russia. Financial institutions and corporates will be responding by looking to ensure their…
Professional money launderers turning to TBML and shell companies to enable illicit financial flows
Professional money launders are on the increase and are using trade-based money laundering (TBML) in their efforts to legitimise illicit financial flows, notably those associated with drug trafficking according to the US treasury department’s 2024 National Money Laundering Risk Assessment (NMLRA). It outlines a typical…
Ukraine reiterates call for FATF to blacklist Russia
Ukraine’s finance ministry and State Financial Monitoring Service (SFMS) are reiterating the country’s call for the Financial Action Task Force (FATF) to blacklist Russia. The ministry and SFMS, which is Ukraine’s financial intelligence unit, are specifically calling on the FATF to curb what they see…
Trade finance banks face new AML/CFT/PF challenges says US treasury’s latest suite of risk assessments
The US treasury department has published its 2024 National Risk Assessments in three separate reports, on money laundering, terrorist financing, and proliferation financing. The reports highlight the most significant illicit finance threats, vulnerabilities, and risks facing the US. Trade finance banks face longstanding threats as…
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Trade Based Financial Crime
Trade Based Financial Crime
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