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    Financial services providers, importers and exporters could face criminal charges for breaching EU restrictive measures

    by admin June 3, 2022

    Providers of financial services such as loans and credit as well as importers and exporters who participate in activities sanctioned or otherwise prohibited or restricted by the European Union (EU) could face criminal charges if a proposal by the European Commission (EC) is adopted. The…

    Trade Based Financial crimes News

    EU-UN study suggests sanctions for Eastern European banks for SARs and customer identification failures

    by admin May 23, 2022

    Illicit financial flows (IFFs) in the EU’s Eastern Partnership (EaP) region, can be estimated at around €29 billion (US$31 billion) every year according to a new study released by the EU and the UN Interregional Crime and Justice Research Institute. One of its recommendations to…

    Trade Based Financial crimes News

    Pakistan and China agree to a single electronic customs portal to fight TBML

    by admin April 27, 2022

    Pakistan’s new national single window customs portal, which allows traders to submit and access all relevant documents relating to a trade via a single electronic gateway, is to integrate with its Chinese counterpart after the customs authorities in the two countries agreed to form a…

    Trade Based Financial crimes News

    Russia amongst ten new non-cooperative tax jurisdictions on EU grey list, Turkey escapes black list

    by admin March 9, 2022

    Russia and nine other countries have been added to the EU’s so-called grey list of non-cooperative jurisdictions for tax purposes. Turkey meanwhile has escaped being put on the EU’s black list of countries that need to substantially reform their tax policies.

    news, Trade Based Financial crimes News

    Counterfeiters moving online and turning to complex TBML schemes to launder proceeds says Europol

    by admin March 9, 2022

    The online and offline distribution of fake and substandard goods now relies heavily on the digital domain and criminals trafficking counterfeit food and drink are setting up complex trade-based money laundering (TBML) schemes according to Europol. The EU law enforcement agency’s Intellectual property crime threat assessment…

    Trade Based Financial crimes News

    Credit Suisse documents prompt calls for Switzerland to be considered for inclusion on EU’s AML/CFT blacklist

    by admin February 25, 2022

    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…

    news, Trade Based Financial crimes News

    Turkey escapes alignment of EU list of jurisdictions with strategic AML/CFT deficiencies with FATF grey list

    by admin January 17, 2022

    Turkey has not been included in a new European Union (EU) List of Third-country Jurisdictions which have Strategic Deficiencies in their Anti-Money Laundering / Counter Terrorist Financing (AML/CFT) Regimes. The list was revised earlier this month so that, with the exception of Turkey, it aligns…

    news, Trade Based Financial crimes News

    EC proposal to end misuse of shell entities in EU for tax purposes could reveal those used in trade-based financial crimes

    by admin January 10, 2022

    The European Commission (EC) has published Anti-Tax Avoidance Directive 3 (ATAD 3) laying down rules to prevent the misuse of shell entities for improper tax purposes throughout the European Union (EU). While the directive aims to clamp down on the use of shell companies for…

    Trade Based Financial crimes News

    Overseas art traders subject to tough UK AML laws as autumn fairs resume post-pandemic

    by admin August 27, 2021

    Overseas art traders and advisors participating in major upcoming international fairs in the UK such as Frieze London, Frieze Masters and the 1-54 Contemporary African Art Fair will have to comply with tough anti-money laundering (AML) requirements if they want to sell works of art….

    Trade Based Financial crimes News

    Art traders likely to become obliged entities in UK’s AML/CFT money laundering act

    by admin August 2, 2021

    Art market participants, including freeport operators that store works of art, are likely to become obliged entities in the UK’s key piece of anti-money laundering and counter financing of terrorism (AML/CFT) legislation, the Money Laundering Regulations 2017 (MLRs). The UK has published a consultation paper…

    news, Trade Based Financial crimes News
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    US treasury secretary announces international commitment to enhance beneficial ownership transparency
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    FinCEN publishes first guidance on beneficial ownership reporting requirements for businesses
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    UBS, Credit Suisse and US bankers under scrutiny for possible breaches of Russian sanctions
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    Trade Based Financial Crime


    Trade Based Financial Crime

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    Latest Articles

    • US treasury secretary announces international commitment to enhance beneficial ownership transparency
    • FinCEN publishes first guidance on beneficial ownership reporting requirements for businesses
    • UBS, Credit Suisse and US bankers under scrutiny for possible breaches of Russian sanctions
    • ABA calls on FinCEN to make changes to proposed beneficial ownership rule
    • Washington continues blitz on third-country entities linked to sanctions evasion

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    Certificate in Trade Finance Compliance (CTFC) CTFC is the new industry certification designed to tackle trade finance based crimes across the globe.

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