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    US treasury issues 2020 strategy for combatting illicit finance

    by Mark Ford March 20, 2020

    The US treasury department has issued the 2020 National Strategy for Combating Terrorist and Other Illicit Financing, to provide a roadmap to modernise the country’s anti-money laundering/countering the financing of terrorism (AML/CFT) regime to make it more effective and efficient. The strategy identifies key threats,…

    news, Trade Based Financial crimes News

    Iran blacklisted, Pakistan warned, Korea commended at FATF plenary meetings

    by Mark Ford February 26, 2020

    Iran has joined North Korea as one of the only two countries on the Financial Action Task Force (FATF) blacklist it was announced at the international money laundering and terrorist financing watchdog’s February plenary meetings. Pakistan meanwhile received a further stern warning from the FATF…

    news, Trade Based Financial crimes News

    Pakistan publishes TBML and terrorist financing framework

    by Mark Ford November 25, 2019

    State Bank of Pakistan (SBP) has published a Framework for Managing Risks of Trade Based Money Laundering and Terrorist Financing. The prime objective of the framework is to strengthen Pakistan’s trade related anti-money laundering and counter financing of terrorism (AML/CFT) regime and conserve foreign exchange.

    Trade Based Financial crimes News

    Bahamas tightens beneficial ownership requirements in steps to satisfy FATF

    by Mark Ford August 12, 2019

    The Bahamas has taken steps towards improving its anti-money laundering and counter financing of terrorism (AML/CFT) framework according to the Financial Action Task Force (FATF). But the Caribbean nation will not be removed from the dozen countries on the FATF grey list until it completes…

    news, Trade Based Financial crimes News

    EU blacklist of 23 jurisdictions draws US rebuke

    by Mark Ford February 25, 2019

    The European Union has drawn a sharp rebuke from the US treasury over the European Commission’s recently published list of 23 jurisdictions which it says have strategic deficiencies in their anti-money laundering (AML) and counter financing of terrorism (CFT) frameworks (Trade-based Financial Crime, 22 February…

    news, Trade Based Financial crimes News

    Biometric testing as Pakistan approaches FATF deadline

    by Mark Ford January 23, 2019

    Pakistan has embarked on biometric testing to verify that the nation’s bank accounts are genuine in its efforts to meet the requirements of the Financial Action Task Force (FATF) by September this year. Fake bank accounts are seen as a serious threat across several types…

    news, Trade Based Financial crimes News

    Pakistan’s Federal Board of Revenue fails to report TBML to investigators

    by Mark Ford December 31, 2018

    The lack of any mechanism to investigate suspected cases of trade-based money laundering (TBML) discovered by Pakistan’s Federal Board of Revenue (FBR) is hindering the country’s attempts to avoid being put on the Financial Action Task Force’s (FATF’s) black list. Pakistan is currently on FATF’s…

    news, Trade Based Financial crimes News

    TBML features in ING fraud case

    by Mark Ford September 7, 2018

    Trade-based money laundering (TBML) was unearthed during investigations into ING Bank’s shortcomings in its anti-money laundering and counter financing of terrorism (AML/CFT) systems. Earlier this week ING Bank paid a fine of €775 million (US$900 million) to settle a money laundering case with the Dutch…

    news, Trade Based Financial crimes News

    Iranian lawmakers move closer to meeting FATF conditions

    by Mark Ford May 30, 2018

    Iranian lawmakers have started the process of introducing legislation that could remedy deficiencies in the country’s action plan with the Paris-based Financial Action Task Force (FATF). Iran is on the FATF blacklist as a “high-risk jurisdiction”, a status it shares with just one other country,…

    Trade Based Financial crimes News

    Bermuda takes steps towards beneficial ownership transparency

    by Mark Ford April 13, 2018

    Bermuda has taken several steps over the last year to strengthen anti-money laundering and counter-financing of terrorism (AML/CFT) regulations to meet international transparency standards. The British Overseas Territory is also broadening its beneficial ownership regime as required by Bermuda’s signing of the UK Exchange of…

    news, Trade Based Financial crimes News
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    Latest Articles

    • Zimbabwe’s gold mafia allegedly exposed by Al Jazeera, Transparency International calls for action against those implicated
    • US treasury secretary announces international commitment to enhance beneficial ownership transparency
    • FinCEN publishes first guidance on beneficial ownership reporting requirements for businesses
    • UBS, Credit Suisse and US bankers under scrutiny for possible breaches of Russian sanctions
    • ABA calls on FinCEN to make changes to proposed beneficial ownership rule

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