Banks and institutions cannot be used for AML/CFT to combat virtual assets says Moneyval
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,…
Financial flows associated with illegal wildlife trade in South Africa uncovered
Co-mingling illegally obtained wildlife product with other commodities such as sugar, maize or fuel is one of several ways criminals are disguising their activities in the illegal wildlife trade (IWT) in South Africa according to a new report. Financial Flows associated with Illegal Wildlife Trade…
Formal banking sector playing a key role channelling financial flows from environmental crimes says FATF
The formal banking sector is playing a key role moving and transferring financial flows associated with environmental crimes according a new report published by the Financial Action Task Force (FATF). The report, Money Laundering from Environmental Crime, says consultations have shown that large financial institutions…
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…
