Illegal, unreported and unregulated fishing ignored by FATF and financial community
The financial community, led by the Financial Action Task Force (FATF), should show the same degree of commitment to preventing environmental and ecological damage to the oceans as it does to the charismatic species on land according to researchers at the Royal United Services Institute…
Focus on TBML in FATF report on money laundering linked to trade in fentanyl and synthetic opioids
The Financial Action Task Force (FATF) has published a report that aims to raise awareness about the opioid trade, including the use of precursor chemicals, and the related global financial flows. Money Laundering from Fentanyl and Synthetic Opioids looks at the way proceeds are laundered…
Banks invested in digital transformation, but spending 70 per cent of AML budgets on labour says LexisNexis study
Banks in the UK are spending £30 billion (US$34 billion) annually complying with anti-money laundering (AML) regulation, with three-quarters of budgets spent on people and only a quarter spent on technology according to a survey commissioned and published by LexisNexis Risk Solutions The study, Tech Blockers 2022,…
Inadequate due diligence and beneficial ownership transparency facilitating US$23 billion illegal fishing industry
Lax supply chain due diligence and a lack of beneficial ownership transparency are amongst factors allowing one-fifth of the global fisheries market to be captured by operators involved in illegal, unreported, and unregulated (IUU) fishing, a new report from the Financial Transparency Coalition (FTC) and…
China’s belt and road initiative to fuel IFFs and TBML
China’s belt and road initiative (BRI), the massive global infrastructure development strategy aimed at reshaping global trade routes, has improved transport corridors according to a report published by Global Financial Integrity (GFI) and London university’s Kings College. But these improved supply routes are fuelling illicit…
Wolfsberg Group updates and publishes guidance on correspondent banking
The Wolfsberg Group, the association of global banks that aims to develop frameworks and guidance for the management of financial crime risks, has updated and published its Financial Crime Principles for Correspondent Banking. The principles detail risk-based due diligence measures that allow the correspondent bank to…
Trade misinvoicing the most pervasive form of Chinese money laundering says GFI
Trade misinvoicing is possibly the most pervasive form of Chinese money laundering according to a new report published by Global Financial Integrity (GFI) which concludes that China plays an extremely impactful role as a source, transit and demand country in many of the most widespread…
Back-to-back and standby L/Cs used in sanctions evasion and money laundering says MENA financial crime guide
Back-to-back letters of credit (L/Cs) can be used as a sanctions evasion technique according to multiple sources who contributed to a new guide published by the Middle East and North Africa (MENA) chapter of the Global Coalition to Fight Financial Crime (GCFFC) and the MENA…
MENA trade-based financial crime reference guide launched
With a long tradition of trade, the Middle East and North Africa (MENA) region shares trade-based financial crime (TBFC) typologies with other global trading hubs, according to a new guide published by the MENA chapter of the Global Coalition to Fight Financial Crime (GCFFC) and…
Myanmar – but not Russia – joins Iran and North Korea on FATF black list
Myanmar has joined Iran and North Korea on the Financial Action Task Force (FATF) list of high-risk jurisdictions subject to a call for action, better known as the FATF ‘black list’. Despite calls from Ukraine and elsewhere for Russia to be blacklisted, the FATF opted…
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Trade Based Financial Crime
Trade Based Financial Crime
This online training course provides you with the technical knowledge required to succeed within the trade finance compliance landscape.