Whitepaper: ICC UK, Centre for Digital Trade and Innovation and Moneta go
Shutting fraudsters out of trade Digital systems and the smart use of technology solutions present an enormous opportunity to shut fraudsters out of trade and deliver billions of dollars of real-world economic benefit at a national level and trillions of dollars internationally if we collaborate…
NFTs are a new way of TBML says top Dutch financial crime investigator
Non-fungible tokens (NFTs), the financial securities consisting of digital data stored in a blockchain, can be used in trade-based money laundering (TBML) operations according to Niels Obbink, chief and general director of the Fiscal Information and Investigation Service, the Dutch government agency responsible for investigating…
IHS Markit and TradeSun partner to use data and AI to combat trade-based financial crime
TradeSun, a trade finance platform that features artificial intelligence (AI) technology that augments human behaviour by learning how employees interact with trade finance documents, has partnered with maritime and trade information, analytics and solutions provider IHS Markit, to offer an integrated trade solution that enhances…
Banks’ role in enabling graft under scrutiny after South African commission publishes part one of its state capture report
South Africa’s banks are bracing themselves for further findings of the judicial commission of inquiry into allegations of state capture after the first part of its report recommended that authorities investigate Nedbank and its employees over their alleged roles in a corrupt contract. Nedbank strongly…
Swiss commodity trade finance banks respond to major frauds and insolvencies in 2020 with recommended best practices guide
Ten banks active in commodity trade finance (CTF) in Switzerland have responded to the slew of huge trade finance scandals that emerged in 2020 by producing a summary published by the Swiss Trading & Shipping Association (STSA) of recommended best practices for their CTF activity….
Trade finance banks not doing enough to detect fraud and crime say UK regulators
British regulators have written an unusually blunt letter to the CEOs of the UK’s largest banks ordering them to conduct a full financial crime risk assessment of their processes to detect money laundering, sanctions evasion, terrorist financing and fraud among their clients. The Bank of…
Links to trade in luxury goods and TBML operators exposed in GFI’s report on real estate money laundering
Yachts, private jets, horses, cars, jewellery, high-end watches and art are amongst the assets traded to enable kleptocrats, criminals, sanctions evaders and corrupt government officials to execute global money laundering schemes according to a new report published by Global Financial Integrity (GFI). The report focuses…
Second major waste and recycled metal trade fraud of 2021 revealed
Italian police have broken up a complex money laundering operation and an illegal metal recycling business that had enabled criminals to transfer huge amounts of illicit cash between Italy and China according to the Reuters news agency. The report follows news that in 15 people…
Komgo and Mitech announce collaboration to guard against fraud and facilitate L/C transactions
Commodity trade finance blockchain platform Komgo and specialist trade finance fintech Mitech have announced a collaboration to allow users to create an immutable document to guard against fraud and falsification. The collaboration will also provide users with straight through processing of letters of credit (L/Cs)…
Bank faces criticism as newly reported TBML case prompted by PNB fraud emerges
India’s Bank of Baroda (BoB) has just reported a new trade-based money laundering (TBML) case to the Indian authorities, despite knowing about the fraud for some time. The bank reportedly approached investigation agencies only this month, apparently prompted by concerns that one of the alleged…
