FinCEN advisory on jurisdictions with AML and CFT deficiencies
The Financial Action Task Force (FATF) recently updated its list of jurisdictions that have strategic deficiencies in their anti-money laundering (AML) and counter-terrorist financing (CFT) regimes. As a result of this, the US Financial Crimes Enforcement Network (FinCEN) has issued an advisory (FIN-2016-A001) to provide…
Trade-based money laundering widely used in terrorist funding
Trade-based money laundering (TBML) is widely used by radical Wahhabi Islamic schools or colleges, often misleadingly described in the US and elsewhere as madrasas to fund jihadist groups, US lawmakers have been told. Several members of Congress heard evidence from former US intelligence officer and…
Pakistan threatens tough action on money launderers
State Bank of Pakistan (SBP) officials have warned they will take legal action on traders and exchange company dealers found money laundering and smuggling. In a meeting with leading owners of exchange companies, the bank instructed them to closely monitor the purchase of US dollars…
Comprehensive survey of trade-based money laundering released
Trade-based money laundering (TBML) in several countries is under scrutiny in the US State Department’s recently released 2015 International Narcotics Control Strategy Report. The report finds evidence of TBML throughout the world, with the authors expressing particular concerns over activities in Asia, the Middle East,…
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Trade Based Financial Crime
Trade Based Financial Crime
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