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    FATF seeking views on potential changes to beneficial ownership recommendations

    by admin June 29, 2022

    Financial institutions are amongst stakeholders the Financial Action Task Force (FATF) is seeking views from in its review of its Recommendation 25 (R25) on the transparency and beneficial ownership (BO) of legal arrangements. The objective of the review is to improve R25 and its interpretive…

    news, Trade Based Financial crimes News

    FATF grey list: Gibraltar added, Malta removed, Pakistan remains

    by admin June 20, 2022

    Gibraltar has been added to the Financial Action Task Force (FATF) ‘grey list’ of jurisdictions subject to increased monitoring for failing to adequately implement anti-money laundering and counter financing of terrorism (AML/CFT) measures. Malta, after 12 months of increased monitoring, is now off the grey…

    news, Trade Based Financial crimes News

    FATF restricts Russia’s role in the task force but stops short of blacklisting

    by admin June 20, 2022

    The Financial Action Task Force (FATF) issued a new statement last week at its plenary meetings in Berlin that restricts Russia from playing any significant role in the activities of the task force. But while the global financial watchdog continues to call Russia’s invasion of…

    news, Trade Based Financial crimes News

    Banks should include all forms of TBML in compliance processes says new NGO

    by admin June 15, 2022

    Financial institutions should include all forms of trade-based money laundering (TBML) in their standard due diligence, record keeping, and financial intelligence reporting according to a new report by a recently formed national security non-governmental organisation (NGO) based in Washington. The report by the International Coalition…

    news, Trade Based Financial crimes News

    TBML and IWT amongst four money laundering typologies drawing more attention

    by admin June 1, 2022

    An analysis by consultants at Forensic Risk Alliance (FRA) of anti-money laundering (AML) trends and challenges has identified trade-based money laundering (TBML) and the illegal wildlife trade (IWT) as two of the four money laundering typologies that have recently received more attention from regulators and…

    news, Trade Based Financial crimes News

    Ukraine’s finance minister calls on counterparts to blacklist and expel Russia from FATF

    by admin May 30, 2022

    Ukraine’s finance minister Sergii Marchenko says he has called on 37 other finance ministers of Financial Action Task Force (FATF) member states to support Kyiv’s appeal for Russia to be expelled from the FATF and included on its list of high-risk jurisdictions, often referred to…

    Trade Based Financial crimes News

    Banks and institutions cannot be used for AML/CFT to combat virtual assets says Moneyval

    by admin May 6, 2022

    Traditional forms of control that banks and institutions have on financial flows and services cannot be used to combat emerging money laundering and terrorist financing risks related to virtual assets according to the Council of Europe’s anti-money laundering and counter financing of terrorism (AML/CFT) watchdog,…

    news, Trade Based Financial crimes News

    Ministers commit to swift and decisive action to improve compliance and implementation of FATF standards

    by admin April 25, 2022

    The ministers of the Financial Actional Task Force (FATF) at their biennial meeting in Washington last week said they “note with concern” that effectiveness of measures in place to fight money laundering, terrorist financing, and proliferation financing, remains insufficient in many countries. They committed to…

    news, Trade Based Financial crimes News

    Landmark FATF report: “tick-box” approach not enough, focus on results and implementation needed

    by admin April 22, 2022

    Most countries have yet to make sufficient progress on preventing legal persons and arrangements from being abused for money laundering and terrorist financing according to a landmark report published by the Financial Action Task Force (FATF). Report on the State of Effectiveness and Compliance with…

    news, Trade Based Financial crimes News

    Financial crime trends guidance issued by accountants

    by admin April 1, 2022

    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…

    Trade Based Financial crimes News
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    Washington continues blitz on third-country entities linked to sanctions evasion
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    Australia focusing even more on TBML with new multi-agency taskforce
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    FATF updates guidance on beneficial ownership
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    Trade Based Financial Crime


    Trade Based Financial Crime

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    Africa AML AML/CFT AML/FCT anti-money laundering Artificial intelligence Asia Bank Secrecy Act (BSA) beneficial ownership blockchain China Corporate Transparency Act counter financing of terrorism Data discrepancies economic sanctions European Commission FATF Financial Action Task Force (FATF) Financial crime compliance Financial Crimes Enforcement Network (FinCEN) FinCEN IFFs illegal wildlife trade Illicit financial flows letter of credit letter of credit money laundering Money laundering Office of Foreign Assets Control (OFAC) Pakistan report Russia Sanctions suspicious activity reports (SAR) suspicious transaction reports (STR) TBML terrorism financing trade-based financial crimes Trade-based money laundering (TBML) trade based money laundering Trade misinvoicing UK under-invoicing US USA US sanctions

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    Latest Articles

    • Washington continues blitz on third-country entities linked to sanctions evasion
    • Australia focusing even more on TBML with new multi-agency taskforce
    • FATF updates guidance on beneficial ownership
    • AfDB and CoDA launch US$5.9 million project to address financial crime, money laundering and tax avoidance
    • Stolen chicken-wings may be linked to organised IVTS and TBML schemes

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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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