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…
Trade-based financial criminality in Mozambique’s US$2 billion corruption scandal
The son of Mozambique’s ex-president and 18 others have gone on trial over a corruption scandal that allegedly used three state-owned companies to take on US$2 billion of debt in what has become known as the “hidden debt” affair. Extensive use of trade-based financial crime…
UAE launches blockchain platform to curb double-financing and misinvoicing
The UAE has launched a blockchain-based trade finance platform aimed at curbing double-financing and misinvoicing. UAE Trade Direct then intends turning to other key areas of trade finance, such as digitalising bills of lading and e-invoices and, in time, expects to manage letters of credit…
Avoid sanctions risks by applying L/C due diligence to open account transactions says Windward
Importers, exporters, and their financial institutions have shifted away from traditional, document-based trade finance instruments over recent years towards non-documentary, open account settlement through clean wire transfers, which significantly increases sanctions risks according to maritime insight provider Windward.
Global Witness says Libya loses millions via fraudulent L/Cs, central bank defends position
A new report published by Global Witness (GW) claims to show that Libya continues to lose millions of dollars a year through the fraudulent use of its letters of credit (LC) system run by the Central Bank of Libya (CBL). In response, the CBL has…
Yes Bank focusing on TBML focused financial crime
Chartered accountants are being recruited by India’s fourth largest private sector bank to work on “quality control of financial crime” with a specific focus on trade-based money laundering (TBML). Yes Bank appears to be responding to the recent slew of trade-based financial crimes, often involving…
US anti-money laundering law on art and antique trading could soon reappear
The Illicit Art and Antiquities Trafficking Prevention Act proposed in the US Congress in May is in limbo after the November mid-term elections. But a spate of new anti-money-laundering initiatives worldwide could prompt Washington to revive efforts to tighten up on trade-based financial crime in…
Gross forex violations in Bangladesh-based TBML scheme
The Bangladesh Bank (BB, central bank) has detected what it describes as gross violations in foreign exchange transactions in a trade-based money laundering (TBML) scheme. The scheme allegedly involves the textiles arm of Beximco Group, one of Bangladesh’s largest private sector conglomerates. TBML scheme According…
Growing TBML concerns as Bangladesh’s foreign trade expands
Trade-based money laundering (TBML) is a growing concern for the Bangladeshi authorities and the country’s banks according to a recent survey. The survey by the Bangladesh Institute of Bank Management (BIBM) says the issue is particularly serious in the context of the country’s rapidly expanding…
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…
