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…
Chinese national who used seafood TBML in global drug money laundering scheme pleads guilty
A Chinese national and naturalised US citizen has pleaded guilty to his involvement in a conspiracy to launder at least US$30 million in drug proceeds on behalf of global drug trafficking organisations. Trade-based money laundering (TBML) was used extensively by Xizhi Li, who along with…
Legal expert says beware of several TBML risks heightened during pandemic
As the coronavirus pandemic continues to disrupt global trade, heightened scrutiny should be exercised by financial institutions and other entities subject to anti-money laundering and counter financing of terrorism (AML/CFT) measures to prevent trade-based money laundering (TBML) according to an associate in the white collar…
