Banks well-placed to combat illegal wildlife money laundering
The banking sector is well-placed to combat money laundering relating to the illegal wildlife trade (IWT) according to a senior lecturer in the department of procedural law at the faculty of law, university of Johannesburg, South Africa. To counter IWT money laundering, Cayle Lupton recommends…
Banks on guard after STRs reveal massive Singapore-based transnational money laundering organisation
Prompt suspicious transaction reports (STRs) by Singapore’s financial institutions (FIs) helped reveal a massive transnational money laundering organisation. The total value of assets seized or frozen with prohibition of disposal orders in the case so far has swelled to over 2.4 billion Singaporean dollars (S$2.4…
EU financial watchdogs warn about closer economic ties to Andorra, Monaco and San Marino
Allowing Andorra, Monaco and San Marino more access to the European Union’s (EU’s) single market presents a fundamental risk to the bloc’s financial integrity and could open a backdoor for illicit financial flows into the EU, according to Europe’s top financial regulators. The chairs of…
Washington issues new advisory on sub-Saharan Africa’s gold sector
Financial institutions in the US should carefully review the risks described in a new advisory focused on the gold sector across sub-Saharan Africa that has been issued by the US treasury and the departments of state, labour, commerce, and homeland security, as well as the US…
US banks used to launder funds in illicit gold scheme, Russian national indicted
A US federal grand jury has indicted a Russian national who allegedly used the American banking system to illegally transmit more than US$150 million, of which US$65 million was used to illicitly purchase overseas gold bullion. Feliks Medvedev has been indicted on 39 counts of…
OFAC sanctions vast network of Hezbollah-linked traders in precious gems, art, and luxury goods
The US treasury department’s Office of Foreign Assets Control (OFAC) has designated what it describes as a vast international money laundering and sanctions evasion network of 52 individuals and entities in the UAE, Lebanon, South Africa, Angola, Côte d’Ivoire, the Democratic Republic of the Congo,…
Misuse of trade finance, abuse of shell companies and proliferation financing targeted in Singapore’s digital platform for information sharing
Countering the misuse of trade finance for illicit purposes, abuse of shell companies and proliferation financing (PF) will be the initial three key financial crime risks in commercial banking focused on in Singapore’s new ambitious digital platform for financial institutions (FIs) to share information. The…
Zimbabwe’s gold mafia allegedly exposed by Al Jazeera, Transparency International calls for action against those implicated
The Qatar-based Al Jazeera news channel claims it is exposing “one of the biggest money laundering operations in the world” in a new six-part documentary. The first episode of the documentary looks at how Zimbabwe’s abundant store of gold is allegedly the key that unlocks…
AfDB and CoDA launch US$5.9 million project to address financial crime, money laundering and tax avoidance
The African Development Bank (AfDB) and the Coalition for Dialogue on Africa (CoDA) have launched a three-year support project to improve regional coherent and coordinated responses to illicit financial flows (IFFs). The project aims to ensure that policies and practices are mobilised to address financial…
China’s role in transnational crime and money laundering examined by former intelligence officer
A former US intelligence officer is alleging that the Chinese communist party is working with big business in widespread transnational crime and money laundering activities. Former CIA intelligence officer and treasury special agent John Cassara examines this scenario as he sees it in a new…
