Freshly sanctioned Russian entities may turn to established TBML platforms and schemes
Sanctions imposed by western countries, Australia and Japan on Russian banks, oligarchs and other wealthy individuals in response to Moscow ordering troops into separatist regions of eastern Ukraine may prompt sanctioned individuals and entities to contemplate using trade-based money laundering (TBML) operations to channel funds….
IHS Markit allies with Complidata to provide financial crime due diligence frameworks for trade finance
Veteran information, analytics and solutions provider to the maritime and trade sector, IHS Markit has announced a partnership with and Complidata, which offers a data driven anti-money laundering (AML) trade finance platform. The partnership will offer customers in trade finance a series of risk and…
FATF and Egmont release Trade-Based Money Laundering: Risk Indicators
The Financial Action Task Force (FATF) and Egmont Group of Financial Intelligence Units have released a new guide for financial institutions and businesses providing a set of trade-based money laundering (TBML) risk indicators for people responsible for compliance, transaction monitoring, investigative analysis, client onboarding and relationship…
Trade-based financial crime and misinvoicing in Albania, Kosovo and North Macedonia
A new report from the Global Initiative against Transnational Organised Crime has found significant evidence of trade-based financial crime in Albania facilitated by misinvoicing. Illicit Financial Flows in Albania, Kosovo And North Macedonia looks at illicit financial flows (IFFs) all three of the Balkan states. The…
Indian trade mis-invoicing discrepancies revealed
Research by a PhD scholar into trade mis-invoicing in India between 2007 and 2017 indicates that patterns of over- and under-invoicing vary by the product as well as by trading partner. Using trade data to reveal discrepancies between reported values of imports and exports according to…
Economic policies encouraging under-invoicing by Argentine fruit growers
An increasingly tough raft of economic policies is pushing Argentine fruit growers into under-invoicing their exports to maintain profits. Barriers to exports recently introduced, including the imposition of withholding taxes as well as several indirect obstacles to exports, have led to an increase in tax…
Anti-Illicit Trade Declaration to address all forms of illicit trade
Some of the world’s largest companies signed at the 2019 Zermatt Summit a declaration established by two influential Swiss non-governmental organisations (NGOs) to address all forms of illicit trade. The Anti-Illicit Trade Declaration was launched last year by the NGO that promotes international standards for…
Saudi Arabia and Pakistan agree trade data exchange to curb misinvoicing
Saudi Arabia and Pakistan have reached a formal agreement to exchange data on values of imported and exported goods to control under- and over-invoicing. The agreement responds to Financial Action Task Force (FATF) recommendations for Pakistan.
India loses US$13 billion a year through misinvoicing
Global Financial Integrity (GFI) has launched what it describes as a comprehensive study regarding estimated revenue losses from trade misinvoicing in India during 2016. When GFI estimated in 2016 the value illicit financial flows (IFFs) from India, the Indian authorities said the Washington-based research and…
Significant under-invoicing of African gold supplied to Dubai
Significant amounts of African gold reaching the United Arab Emirates (UAE) in the Middle East are significantly under-invoiced according to analysis by Reuters. Gold smuggling is also a huge problem according to the news agency, which reckons billions of US dollars’ worth of gold is…
