Financial institutions may play bigger role uncovering fisheries related crimes
Fisheries related crimes should be considered ‘predicate offences’ for money laundering, according to a new report by the Financial Transparency Coalition (FTC), which focuses on the extensive use of forced labour in the fisheries sectors. If illegal, unreported and unregulated (IUU) fishing and the forced…
FATF amends recommendation that led countries to apply disproportionate measures on NPOs
The Financial Action Task Force (FATF) has released amendments to Recommendation 8 (R8) and its interpretive note to address the misapplication and misinterpretation of this recommendation that had led countries to apply disproportionate measures on non-profit organisations (NPOs). The apparent misuse of R8 used by…
UN wrests control of global rules on tax and IFFs from OECD after bitter opposition from the EU, UK and US
The UN General Assembly has voted overwhelmingly to wrest control of the development of global rules on tax and illicit financial flows (IFFs) from the Organisation for Economic Cooperation and Development (OECD), despite last-minute attempts by the EU, UK and US to derail the plan. Whereas…
NCA issues globally relevant red alert on abuse of gold to evade sanctions on Russia
The UK’s National Crime Agency (NCA) has issued a Red Alert to financial institutions and other members of the regulated sector warning that Russia is using gold as a means to undermine the impact of the UK sanctions regime. The Red Alert is relevant in…
Financial institutions may play bigger role uncovering fisheries related crimes
Fisheries related crimes should be considered ‘predicate offences’ for money laundering, according to a new report by the Financial Transparency Coalition (FTC), which focuses on the extensive use of forced labour in the fisheries sectors. If illegal, unreported and unregulated (IUU) fishing and the forced…
FATF amends recommendation that led countries to apply disproportionate measures on NPOs
The Financial Action Task Force (FATF) has released amendments to Recommendation 8 (R8) and its interpretive note to address the misapplication and misinterpretation of this recommendation that had led countries to apply disproportionate measures on non-profit organisations (NPOs). The apparent misuse of R8 used by…
UN wrests control of global rules on tax and IFFs from OECD after bitter opposition from the EU, UK and US
The UN General Assembly has voted overwhelmingly to wrest control of the development of global rules on tax and illicit financial flows (IFFs) from the Organisation for Economic Cooperation and Development (OECD), despite last-minute attempts by the EU, UK and US to derail the plan. Whereas…
NCA issues globally relevant red alert on abuse of gold to evade sanctions on Russia
The UK’s National Crime Agency (NCA) has issued a Red Alert to financial institutions and other members of the regulated sector warning that Russia is using gold as a means to undermine the impact of the UK sanctions regime. The Red Alert is relevant in…
FinCEN’s final rule on beneficial ownership could simplify reporting requirements
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a final rule specifying when companies can use preapproved FinCEN identifiers in lieu of information about an individual beneficial owner. Allowing firms to use FinCEN identifiers could simplify reporting requirements ahead of the 1…
New UK sanctions target Russia’s gold and oil sectors
The UK government has imposed sanctions on 29 individuals and entities that it says are operating in and supporting Russia’s gold, oil and strategic sectors. Those sanctioned include Russia’s largest gold refiner, Russian oligarchs and, perhaps most significantly, international networks propping up the country’s gold,…
Effectiveness of financial crime systems dropping says Basel AML Index 2023
Anti-money laundering and counter financing of terrorism (AML/CFT) systems are becoming less effective, according to analysis of Financial Action Task Force (FATF) data in the 2023 Public Edition of the Basel AML Index. Global money laundering and terrorist financing risks meanwhile just keep on rising,…
Mis-invoicing ‘pervasive’ in trade in illicitly sourced timber, gemstones and abalone
The subjective nature of the value of illicitly sourced timber, gemstones and abalone facilitates mis-invoicing, trade-based money laundering and evasion of customs duties, according to a new report by the Global Initiative Against Transnational Organised Crime (GI-TOC). Formal financial systems meanwhile play a key role…
Red flags related to L/Cs included in new US guidance on export control evasion
Purchases under letters of credit (L/Cs) that are consigned to the issuing bank are amongst several red flags listed in new suspicious activity reporting (SAR) guidance to support US financial institutions in reporting potential efforts to evade US export controls. The guidance issued jointly by…
FATF should tell India to stop ‘weaponising’ counter financing of terrorism laws, say influential NPOs
The Financial Action Task Force (FATF) should call on the Indian government to stop prosecuting, intimidating and harassing human rights defenders (HRDs), activists and non-profit organisations (NPOs) in the country on the pretext of countering terrorist financing, Amnesty International, Charity & Security Network and Human…
US financial secrecy fuelling environmental crimes in Peru and Colombia
US financial secrecy is fuelling illicit financial flows (IFFs) from environmental crimes, according to a new report by the Financial Accountability and Corporate Transparency (FACT) Coalition. Dirty Money and the Destruction of the Amazon: Uncovering the US Role in Illicit Financial Flows from Environmental Crimes in…
Financial institutions’ exposure to TBML growing sharply says LexisNexis financial crime compliance study
Exposure to trade-based money laundering (TBML) schemes has grown sharply according to financial institutions surveyed in LexisNexis Risk Solutions’ True Cost of Financial Crime Compliance Study, 2023. The study examines how financial institutions navigate the expenses and challenges tied to evolving financial crime compliance requirements.
