Global Forum reports on African plans and progress to stem IFFs
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….
Banks drawn into reputational laundering networks to obscure illicit gains
Reputation launderers, notably public relations agencies and law firms, are distorting the financial crime and sanctions risk profiles of kleptocratic regimes and oligarchs seeking to launder and protect their illicit gains according to academic and investigative researchers. Banks can also be drawn into reputation laundering…
Glencore agrees to pay over US$1.1 billion for commodity price manipulation scheme and FCPA violations
Glencore Ltd, a member of the multi-national commodity trading and mining firm headquartered in Switzerland, has pleaded guilty and agreed to pay US$485 million to resolve the US government’s investigations into a commodity price manipulation scheme. Separately but at the same time, Glencore International AG…
Financial crime trends guidance issued by accountants
The International Federation of Accountants (IFAC) and the Institute of Chartered Accountants in England and Wales (ICAEW) have produced an instalment on financial crime trends for their Anti-Money Laundering: The Basics educational series. It looks at the trends in criminal activity that underpin money laundering operations and provides…
Credit Suisse documents prompt calls for Switzerland to be considered for inclusion on EU’s AML/CFT blacklist
The European People’s Party (EPP), the conservative grouping which holds the biggest number of seats in the European Parliament, has called for a review of Switzerland’s banking practices and for the country’s possible inclusion in the EU’s list of countries with anti-money laundering and counter…
Corruption at a standstill says Transparency International
Transparency International’s (TI’s) annual Corruption Perceptions Index (CPI) reveals that corruption levels remain at a standstill worldwide. Corruption is often most acutely felt in developing countries according to TI but it warns that too often it is forgotten that corruption is an international problem which is…
Banks’ role in enabling graft under scrutiny after South African commission publishes part one of its state capture report
South Africa’s banks are bracing themselves for further findings of the judicial commission of inquiry into allegations of state capture after the first part of its report recommended that authorities investigate Nedbank and its employees over their alleged roles in a corrupt contract. Nedbank strongly…
Focus on trade in radically overhauled new US strategy for an international fight against corruption
The US will work with international partners as well as domestically to prevent, limit, and respond to corruption and related crimes in a significant overhaul of the way it targets public corruption that includes a clear focus on international trade according to a new plan…
Establish central beneficial ownership registries and outlaw bearer shares US senator tells FATF
The lead author of the US’ anti-money laundering (AML) act of 2020, senator Sheldon Whitehouse, is urging the Financial Action Task Force (FATF) to strengthen its standards for countries to gather important data in the fight against money laundering. The FATF is currently updating its…
Trade misinvoicing in Mexico and Colombia under scrutiny
Global Financial Integrity (GFI) has published an analysis of trade misinvoicing in Mexico and Colombia where individuals or entities falsify the quantity, price, and quality of goods to launder money, claim tax incentives, or evade taxes, duties and capital controls. Corruption, lack of political will,…
