Research exposes industrial-scale abuse of UK LLPs for financial crime
More than one in ten of all Limited Liability Partnerships (LLPs) ever incorporated in Britain bear the hallmarks of shell companies used for serious financial crimes, according to a new report published today by Transparency International UK (TI). The independent anti-corruption organisation now wants to…
Increasing use of third parties in money laundering schemes, including TBML
An interview with anti-corruption expert José Hernandez published this month by the Chartered Professional Accountants (CPA) of Canada provides a comprehensive overview of the global factors making it ever more difficult to “follow the money” in cases of corruption or money laundering. Hernandez looks at…
New report published on Zimbabwe’s illicit gold trade
A report on a preliminary investigation of Zimbabwe’s illicit gold trade between 2017-19 has been published by Southern Africa Resource Watch (SARW). Based in South Africa, SARW describes itself as an independent body that advocates and promotes human rights and environmental protection in resource extraction…
All G20 resources on anti-corruption published on new web site, ACWG – FATF contemplates money laundering and beneficial ownership
A dedicated website has been launched collecting all the resources adopted by the G20 on anti-corruption over the years to make them more accessible. The website was launched at the first meeting of the Anti-Corruption Working Group (ACWG) which also promoted a joint G20 ACWG-Financial…
Coronavirus funding threatens Nigeria’s efforts to tackle IFFs
Funding to tackle illicit financial flows (IFFs) out of Nigeria is under threat as a result of cuts made in the country’s 2021 budget. Despite announcing a record naira 13.5 billion naira (N13.5 billion – US$35.5 billion) budget to tackle the negative impacts of the…
Kenya broadcasts IFF-focused radio programmes
Transparency International Kenya (TI-K), Global Financial Integrity (GFI) and Haki Yetu, a Kenyan NGO focused on human rights have broadcast three radio shows discussing the impact illicit financial flows (IFFs) have had on Kwale County in southern Kenya. The county has witnessed consistent opposition to…
Nigeria initiates inter-agency probe to tackle IFFs and revenue losses
Nigeria’s senate has initiated an inter-agency investigation into illicit financial flows (IFFs) and is contemplating the creation of a tax amnesty for the voluntary repatriation of funds to Nigeria. The bulk of IFFs are initiated by multinational corporations that neglect, fail and refuse to pay…
Papers published ahead of IFF-focused FACTI’s virtual consultation
The new High Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI) has held a virtual consultation with UN member states. The UN-established FACTI panel includes leading experts with a mandate to recommend institutional reforms that could help curb illicit financial…
Lack of coordination amongst Namibian agencies charged with curbing IFFs
Lack of coordination and inaction by key financial and law enforcement agencies is hampering Namibia’s efforts to curb illicit financial flows (IFFs) according to an article published in The Namibian newspaper. It says that there are now calls for a centralised government unit to monitor…
Zimbabwean press calls for action on corporate IFFs
One of Zimbabwe’s most read newspapers is highlighting the need for policymakers and enforcement agencies to focus on corporate illicit financial flows (IFFs) in their anti-corruption drive. The Zimbabwe Herald has welcomed President Emmerson Mnangagwa’s tough stance on corruption, but is making the point that…
