Nigeria to unveil extractives beneficial ownership register at end-2019
A comprehensive register of Nigeria’s oil, gas and mining companies will be unveiled on 31 December 2019, the Nigerian Extractive Industries Transparency Initiative (NEITI) has announced. According to NEITI executive secretary, Waziri Adio, hidden beneficial ownership can be used to fuel terrorism financing, money laundering…
Bermuda extends scope of beneficial ownership legislation
Bermuda has extended the scope of its legislation on the disclosure of beneficial owners of corporate and legal entities. The island nation is amending its laws to meet international transparency standards as recommended by the Financial Action Task Force and the Organisation for Economic Co-Operation…
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…
Ukraine signs up to global OpenOwnership Register
Ukraine has signed up to become the first country to integrate its national central register of beneficial ownership with a register managed by OpenOwnership, a newly established organisation intent on making the ownership of companies worldwide clearly visible. This means that Ukraine’s beneficial ownership data…
Recommendations to curb Africa’s illicit financial flows
A group of civil society experts has issued a set of recommendations to address illicit financial flows (IFFs) in Africa. ‘Accelerating the IFF Agenda for African Countries’ highlights fourteen steps the experts reckon African leaders could adopt to curb IFFs. Among the recommendations are suggestions…
Recommendations to curb Africa’s illicit financial flows
A group of civil society experts has issued a set of recommendations to address Africa’s illicit financial flows (IFFs). ‘Accelerating the IFF Agenda for African Countries’ highlights fourteen steps the experts reckon African leaders could adopt to curb IFFs. Among the recommendations are suggestions to…
Calls from Ghana for data transparency and fair transfer pricing in the extractive industries
A lack of adequate data on the operations of businesses in the extractive sector is impeding the Ghana Revenue Authority’s (GRA’s) ability to fully implement Ghana’s transfer pricing policy according to a top tax official. Deputy Commissioner in charge of Policy Programmes at the GRA,…
IFC and Switzerland to tackle East African misinvoicing
The International FinanceCorporation (IFC) and the Swiss government have jointly launched a business transparency initiative in East Africa that will address the issue of illicit financial flows (IFFs) through misinvoicing. The overarching aim of the initiative is to promote corporate leadership inEast Africa with the…
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