TBML top of emerging financial crime risks in Asia-Pacific says LexisNexis
Trade-based money laundering (TBML) has ranked top of the list of emerging financial crime risks in the latest LexisNexis True Cost of Compliance Study – Asia-Pacific Edition. Crimes involving digital payments and cryptocurrency, third parties – including TBML, money mules, professionals lending perceived legitimacy and…
US$1.6 trillion lost in potential trade misinvoicing in 2018 amongst developing and advanced countries says GFI report
An estimated US$1.6 trillion in potential trade misinvoicing among 134 developing countries has been identified in 2018 according to a new report published by Global Financial Integrity (GFI). Trade-related Illicit Financial Flows in 134 Developing Countries 2009-2018 says that of that US$1.6 million, US$835 billion occurred between the…
Hawala dealer used multiple trade-based financial crimes in money laundering schemes
An Indian money exchange operator or hawala dealer is suspected of employing multiple trade-based money laundering (TBML) techniques in a string of dubious transactions. Naresh Jain allegedly arranged transactions maybe amounting to billions of US dollars using hundreds of shell companies, produced reams of false…
India embarked on manual inspection of Chinese imports for under-invoicing
Indian customs officers are conducting manual inspections of Chinese imports for under-invoicing. The clampdown on under-invoicing comes amidst increased tensions between India and China.
India turns to AI to expose shell companies
India’s ministry of corporate affairs (MCA) is turning to artificial intelligence (AI) and data analytics as key elements to expose shell companies. The ministry is in the process of constructing what it describes as an advanced version of its MCA 21 portal on which companies…
Deep malaise in India’s customs clearance system must be investigated
India’s Central Excise and Service Tax Appellate Tribunal (CESTAT) – which was established as an independent forum to hear appeals against orders passed by the Commissioners of Customs and Excise – has asked customs officials to investigate what they describe as a systems failure which…
India introduces new beneficial ownership legislation
India has issued the Companies (Significant Beneficial Owners) Rules, 2018, requiring companies and partnerships in the country to maintain an official record of persons holding beneficial shares. Companies must also file a return with the Registrar of Companies providing details about their significant beneficial owners…
