New Belgian legislation to combat trade-based financial crime
Belgium has announced new legislation aimed at improving its anti-money laundering and countering the financing of terrorism (AML/CFT) efforts. The new law introduces several changes to the Belgian AML/CFT regime. Measures that will impact on the prevention and detection of trade-based financial crime include a…
New US bill fails to contemplate TBML
A new bill currently working its way through the US Congress will not specifically address trade-based money laundering (TBML). The legislation currently being drafted aims to modernise and strengthen anti-money laundering and counter financing of terrorism (AML/CFT) laws, increase corporate transparency by criminalising concealment of…
FinCEN advisory focuses on curbing trade related to North Korea’s nuclear and missile programmes
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has published an advisory regarding updates to the Financial Action Task Force’s (FATF’s) list of jurisdictions with strategic anti-money laundering and countering financing of terrorism (AML/CFT) deficiencies. The advisory includes specific updates regarding AML/CFT compliance issues…
Pakistan on 90-day FATF notice
The Financial Action Task Force (FATF) has given Pakistan three-months’ notice to stem financial flows to two designated terrorist groups operating in the country. The authorities in Pakistan must now block financial channels used by Jamaat-ud-Dawa and Jaish-e-Mohammed as well as their affiliates. Banking isolation…
FSB publishes progress report on decline in correspondent banking
The Financial Stability Board (FSB) has published its latest progress report on the implementation of its four-point action plan to assess and address the decline in correspondent banking. The report includes a set of deliverables for 2017 to help slow down the widespread termination of…
HSBC’s trade risk distribution offering may help compensate for the decline in correspondent banking relations
While major banks have been ending correspondent bank relationships due to concerns over anti-money laundering and counter financing of terrorism (AML/CFT) compliance, HSBC has introduced new risk distribution options that could help slow the apparent disintegration of correspondent networks. The bank says it has created…
Concerns grow in the Caribbean over US banks ‘de-risking’ process
Concerns are growing in the Caribbean about increasingly tough anti-money laundering and counter financing of terrorism (AML/CFT) measures required of US financial institutions. The measures are creating significant difficulties for banks across the Caribbean. The difficulties are caused by US banks ‘de-risking’, essentially ending correspondent…
Commonwealth addresses de-risking problem
The Commonwealth has convened a meeting to focus on the problem of “de-risking” – the growing trend for international banks to curtail relationships with banks in vulnerable economies to lessen the risks involved in applying anti-money laundering and countering financing of terrorism (AML/CFT) regulations. Participants,…
US AML and CFT compliance creating increasing difficulties in the Caribbean
Increasingly tough anti-money laundering and counter financing of terrorism (AML/CFT) measures required of US financial institutions is creating significant difficulties for banks across the Caribbean. The difficulties are caused by US banks ‘de-risking’, essentially ending correspondent and other banking relationships because they perceive rewards from…
Concerns remain over ‘serious threat’ of North Korea’s AML and CFT systems
The Financial Action Task Force (FATF) says it remains concerned by North Korea’s “failure to address the significant deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime,” according to a recently issued statement. The task force is also concerned by the…
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Trade Based Financial Crime
Trade Based Financial Crime
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