WCO, Egmont Group and Interpol successfully conclude first Latin American AML/CFT operation
The World Customs Organisation (WCO), Egmont Group of Financial Intelligence Units (FIUs) and Interpol have successfully concluded their first anti-money laundering and counter financing terrorism financing (AML/CTF) joint investigation in the Western Hemisphere. Operation Tentacle-Latin America revealed extensive illicit movements of gold, silver, diamonds and…
SFO confirms trade fraud and money laundering investigation at Liberty Steel owner’s Gupta Family Group Alliance
The UK’s Serious Fraud Office (SFO) has admitted it is investigating suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business of companies within the Gupta Family Group Alliance (GFG), including its financing arrangements with collapsed financial services…
Adulterated saffron TBML scheme unearthed in Spain
Spanish authorities have unearthed a suspected trade-based money laundering (TBML) operation in which a criminal network adulterated highly priced saffron to launder millions of euros. The network falsified documents to pass off the saffron they sold as a high-grade version of the spice whereas in…
Two arrested in US$225 million fake software TBML scam
India’s Enforcement Directorate has arrested two more people allegedly involved in a US$225 million trade-based money-laundering (TBML) operation based on importing what purported to be customised software. Investigators however discovered that the software was fake but provided the accused with the opportunity to transfer funds…
US, UK, Switzerland and Israel poorest enforcers of laws against foreign bribery says Transparency International
Transparency International (TI) has published a new report which shows how some of the world’s richest countries fail to enforce laws against foreign bribery. Exporting Corruption examines 47 leading global exporting countries of which 43 are signatories of the Organisation for Economic Co-operation and Development…
Russian oligarchs used trade in high-value art and shell companies to evade sanctions
The US Senate’s permanent subcommittee on investigations has published a report revealing how Russian oligarchs used artworks and shell companies in a multi-million dollar trade-based money laundering operation. The report alleges that Arkady and Boris Rotenberg and Arkady’s son, Igor, used transactions involving high-value art…
