Host city of the European anti-money laundering authority to be decided soon
An announcement revealing which of Europe’s financial hubs will host the new European Anti-Money Laundering Authority (AMLA) and its staff is expected soon. Perhaps ambitiously, the authority should be “operational in its seat location by the beginning of 2024”, according to an EU briefing. It…
Diamond traders and Wagner official with gold trade links sanctioned
Two diamond traders and a Wagner Group official in the Central African Republic (CAR) linked with the gold trade are among the entities and individuals named in Washington’s latest round of Russian sanctions. The US treasury department’s Office of Foreign Assets Control (OFAC) has imposed…
Bancrédito fined as US sets sights on offshore lenders
Puerto Rico-based Bancrédito International Bank and Trust Corporation, now in liquidation, has been fined US$15 million by the US treasury department’s Financial Crimes Enforcement Network (FinCEN). The bank admitted “wilful violations” of the Bank Secrecy Act (BSA) and its implementing regulations regarding suspicious activity monitoring…
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…
