Australia focusing even more on TBML with new multi-agency taskforce
The Australian Federal Police (AFP) is launching a multi-agency taskforce to target criminals who are laundering tens of millions of dollars in Australia every day to bankroll lavish lifestyles and further crime. Taskforce Avarus will target criminal syndicates involved in, amongst other things, trade-based money…
FATF updates guidance on beneficial ownership
The Financial Action Task Force (FATF) has published its updated guidance paper outlining tougher global beneficial ownership rules aimed at preventing criminals from hiding their illicit activities and money behind secret corporate structures. Beneficial Ownership of Legal Persons (Recommendation 24) aims to close loopholes and…
AfDB and CoDA launch US$5.9 million project to address financial crime, money laundering and tax avoidance
The African Development Bank (AfDB) and the Coalition for Dialogue on Africa (CoDA) have launched a three-year support project to improve regional coherent and coordinated responses to illicit financial flows (IFFs). The project aims to ensure that policies and practices are mobilised to address financial…
Lessons from Venezuela’s illicit gold trade applicable to IFFs more widely says Brookings
Difficulties associated with tracing illicit gold flows and the large number of actors involved in gold smuggling have contributed to a crisis with limited chances to even engage in efforts to address the issue of illicit financial flows (IFFs) from the production and trade of…
J P Morgan strategic alliance with Cleareye.ai to identify TBML and sanctions red flags
J P Morgan has entered into a global strategic alliance with California-based artificial intelligence (AI) and machine learning (ML) platform Cleareye.ai to digitise trade finance due diligence processing. The alliance aims to identify trade-based money laundering (TBML) and sanctions red flags and significantly reduce false…
