Global Forum reports on African plans and progress to stem IFFs
A lack of transparency facilitates all types of illicit financial flows (IFFs) in Africa, including money laundering and terrorism financing, corruption as well as tax evasion according to a new report published by the Global Forum on Transparency and Exchange of Information for Tax Purposes….
Malign Russian activities could lead Washington to impose more sanctions on participants in Africa’s natural resource trade
Washington is preparing to expose and contain what it sees as “malign Russian activities” in Africa’s oil, gas and mining sectors in which individuals and entities connected with Russian President Vladimir Putin appear to be playing an increasingly big role. If it is signed into…
US government lost US$640 billion in a year through trade-based tax evasion and money laundering
Trade-based tax evasion and money laundering cost the US government more than US$640 billion in taxable income during 2021 according to a new report commissioned by Sēk Strategies, a Washington-based consultancy firm focused on transparency, accountability, human rights and the environment. The report is based…
IWT Financial Flows Toolkit launched to support financial institutions
A toolkit aimed at supporting financial institutions in addressing and reporting suspicious transactions relating to the illegal wildlife trade (IWT) has been launched. Developed by the UK Serious Organised Crime Network in collaboration with the UAE government, WWF, TRAFFIC and Themis, the IWT Financial Flows…
Undervalued exports of gold and cocoa from Ghana in 2011-17 amounted to US$8.8 billion
Mispricing of gold and cocoa exports from Ghana has contributed to significant tax base erosion from one of Africa’s most resource rich countries according to a new paper based on an innovative methodology for measuring abnormal pricing. Instead of using aggregate trade statistics to measure…
Mashreqbank agrees US$100 million settlement for Sudanese sanctions violations
Dubai-based Mashreqbank’s agreement to pay US$100 million in penalties for its deliberate omission of payment transactions with ties to Sudan in violation of US sanctions against the African country may serve as a warning to banks with US operations to diligently monitor their correspondent networks….
Financial flows associated with illegal wildlife trade in South Africa uncovered
Co-mingling illegally obtained wildlife product with other commodities such as sugar, maize or fuel is one of several ways criminals are disguising their activities in the illegal wildlife trade (IWT) in South Africa according to a new report. Financial Flows associated with Illegal Wildlife Trade…
TBML vulnerabilities catalogued in new report on financial crime in Kenya
An extensive new report examining financial crime in Kenya provides details of several trade-based money laundering (TBML) vulnerabilities in the country’s natural resources sectors. It also demonstrates how trade and Kenyan banks play a part in the country’s role facilitating illicit financial flows involving South…
Mbeki continues campaign against trade-based financial crime, calls on ALSF to focus more on IFFs
“The African Legal Support Facility (ALSF) must assist African countries to negotiate fair and balanced contracts to eliminate opportunities for illicit receipt, use, or transfer of funds,” says former president of South Africa and current chair of the African Union’s High-level Panel on Illicit Financial…
Alarm sounded over TBML and failures to conduct financial investigations in African environmental crimes
Tanzanian authorities failed to undertake financial investigations in a major case concerning wildlife poaching while illicit actors in Madagascar’s lucrative vanilla trade are turning to trade-based money laundering (TBML) says the Global Initiative against Transnational Organised Crime (GITOC). No financial investigation was ever undertaken in…
