Mashreqbank agrees US$100 million settlement for Sudanese sanctions violations
Dubai-based Mashreqbank’s agreement to pay US$100 million in penalties for its deliberate omission of payment transactions with ties to Sudan in violation of US sanctions against the African country may serve as a warning to banks with US operations to diligently monitor their correspondent networks….
UAE publicises improvements in AML/CFT systems
One of the UAE’s most prominent political figures has put his name to an extensive article outlining what appear to be substantial changes to the emirates’ anti-money laundering and counter financing of terrorism (AML/CFT) systems. In 2020 the Financial Action Task Force (FATF) warned the…
South Africa’s understanding of trade-based financial crime limited says FATF
South Africa has been given 18 months by the Financial Action Task Force (FATF) to improve its capacity to track and prosecute money laundering and terrorist financing or face being including on the so-called FATF grey-list. The Mutual Evaluation Report of South Africa published this…
Dubai’s free trade zones under examination by GFI
The role of Dubai’s free trade zones (FTZs) in trade-based financial crime is examined in a new analysis published by Global Financial Integrity (GFI), the Washington based think-tank focused on illicit financial flows. Free-For-All Zones: The Case of Dubai summarises GFI’s contribution to the report…
