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    Africa in firing line as more sanctions target Wagner Group

    by admin August 2, 2023

    Fresh sanctions have been imposed by European and North American countries on the Wagner Group, the Russia-based private military company founded by Yevgeny Prigozhin. Sanctions are increasingly focused on the group’s African operations, with the US taking the decision to impose sanctions on a senior…

    news, Trade Based Financial crimes News

    Sanctions alone will not stop Wagner’s African operations or Russian oil trades

    by admin July 24, 2023

    The Atlantic Council, the Washington-based nonpartisan think tank and public policy organisation, has published a comprehensive analysis of the Wagner Group that concludes that sanctions have been ineffective at curbing the activities of the private military company based in Russia.

    news, Trade Based Financial crimes News

    Global Forum reports on African plans and progress to stem IFFs

    by admin June 24, 2022

    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….

    Trade Based Financial crimes News

    Malign Russian activities could lead Washington to impose more sanctions on participants in Africa’s natural resource trade

    by admin May 25, 2022

    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…

    Trade Based Financial crimes News

    US government lost US$640 billion in a year through trade-based tax evasion and money laundering

    by admin May 11, 2022

    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…

    Trade Based Financial crimes News

    IWT Financial Flows Toolkit launched to support financial institutions

    by admin March 30, 2022

    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…

    news, Trade Based Financial crimes News

    Undervalued exports of gold and cocoa from Ghana in 2011-17 amounted to US$8.8 billion

    by admin February 2, 2022

    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…

    Trade Based Financial crimes News

    Mashreqbank agrees US$100 million settlement for Sudanese sanctions violations

    by admin November 26, 2021

    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….

    Trade Based Financial crimes News

    Financial flows associated with illegal wildlife trade in South Africa uncovered

    by admin November 19, 2021

    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…

    Trade Based Financial crimes News

    TBML vulnerabilities catalogued in new report on financial crime in Kenya

    by admin November 15, 2021

    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…

    news, Trade Based Financial crimes News
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    Capgemini eyes growing market for financial crime compliance with Exiger acquisition
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    Trade Based Financial Crime


    Trade Based Financial Crime

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    Tags

    Africa AML AML/CFT AML/FCT anti-money laundering Artificial intelligence Asia beneficial ownership blockchain China Corporate Transparency Act counter financing of terrorism Data discrepancies economic sanctions European Commission FATF Financial Action Task Force (FATF) Financial crime compliance Financial Crimes Enforcement Network (FinCEN) FinCEN Hong Kong IFFs illegal wildlife trade Illicit financial flows letter of credit letter of credit money laundering Money laundering OECD Office of Foreign Assets Control (OFAC) Pakistan Russia Sanctions suspicious activity reports (SAR) suspicious transaction reports (STR) TBML terrorism financing trade-based financial crimes Trade-based money laundering (TBML) trade based money laundering Trade misinvoicing UK under-invoicing US US sanctions US Treasury Department

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    Latest Articles

    • Diamond traders and Wagner official with gold trade links sanctioned
    • Bancrédito fined as US sets sights on offshore lenders
    • Capgemini eyes growing market for financial crime compliance with Exiger acquisition
    • Europol report focuses on TBML and examines contexts of financial and economic crime
    • AML/CFT regulations, compliance and geopolitical volatility widen trade finance gap to record size

    Professional Qualifications

    Certificate in Trade Finance Compliance (CTFC) CTFC is the new industry certification designed to tackle trade finance based crimes across the globe.

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    Get in touch

    • ATFCP Contact @ Coastline Solutions
    • Tel:  + 353 1 2352166
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