Sanctioned Russian entities can evade restrictions by engaging in gold and money laundering
Barred from generating and accessing profits from gold produced domestically or at their mining investments abroad, sanctioned Russian entities and individuals can evade restrictions imposed on them if they engage in gold and money laundering to disguise the origins of the gold and the beneficiaries…
Undervalued exports of gold and cocoa from Ghana in 2011-17 amounted to US$8.8 billion
Mispricing of gold and cocoa exports from Ghana has contributed to significant tax base erosion from one of Africa’s most resource rich countries according to a new paper based on an innovative methodology for measuring abnormal pricing. Instead of using aggregate trade statistics to measure…
Focus on trade in radically overhauled new US strategy for an international fight against corruption
The US will work with international partners as well as domestically to prevent, limit, and respond to corruption and related crimes in a significant overhaul of the way it targets public corruption that includes a clear focus on international trade according to a new plan…
Trade-based financial crime features in Turkey’s downgrade to FATF’s grey list
Concerns over trade-based financial crime contributed to the decision by the Financial Action Task Force (FATF) to add Turkey to its grey list of jurisdictions subject to increased monitoring for failing to adequately implement anti-money laundering and counter financing of terrorism(AML/CFT) measures. Jordan and Mali…
Penalties and fines from July as UAE seeks to impose beneficial ownership transparency
Penalties and fines of up to 100,000 dirhams (AED100,000 – US$27,223) are in the offing for UAE-based companies that fail to comply with reporting beneficial ownership information under new regulations that take effect on 1 July. The UAE has already launched a campaign to ensure…
Standard Chartered free to seek new assets in US$770 million gold and diamond fraud after judge restores UK-incorporated shell companies
Standard Chartered Bank has more chance of taking possession of assets attached to alleged Indian gold and diamond fraudster, Jatin Mehta, after a judge in the UK high court restored four suspected shell companies. The bank was one of several foreign banks that lent money…
Anti-corruption group report critical of banks and their role in IFFs flowing from Nigeria to the UK and UAE
Nigerian NGO Human and Environmental Development Agenda (HEDA) has published a three part report on policies, laws and practices in the UK and the UAE as well as domestically in relation to the roles of financial and non-financial institutions in the facilitation of illicit financial…
Financial exclusion and opaque banking laws help make Colombian gold more attractive than drugs to money launderers
The exclusion of artisanal and small-scale miners from the financial system and Switzerland’s opaque banking laws are amongst the factors making Colombia’s gold sector vulnerable to illicit financial flows (IFFs) according to a new report published by Global Financial Integrity (GFI). Meanwhile gold appears more…
EY must pay US$11 million in damages for suppressing gold trade-based financial crime
In a landmark judgment one of the world’s ‘Big 4’ accounting firms, EY, has been ordered to pay approximately US$11 million in damages for deliberately turning a blind eye to trade-based financial criminality that some staff repeatedly raised concerns about according to a whistleblower. The…
Sudan loses billions of dollars in oil and gold trade related IFFs
Global Financial Integrity (GFI) has published a new study, Sudan and Trade Integrity, examining trade-related illicit financial flows (IFFs) in Sudan’s crude oil and gold sectors. The analysis by the Washington based non-profit that focuses on IFFs indicates potential revenue losses of US$5.7 billion in global trade.
