Association of Trade Finance Compliance Professionals Association of Trade Finance Compliance Professionals Association of Trade Finance Compliance Professionals
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    AfDB and CoDA launch US$5.9 million project to address financial crime, money laundering and tax avoidance

    by admin March 13, 2023

    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…

    news, Trade Based Financial crimes News

    China’s role in transnational crime and money laundering examined by former intelligence officer

    by admin February 22, 2023

    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…

    news, Trade Based Financial crimes News

    Gold-based money laundering rife in FTZs in Latin America and the Caribbean says OECD report

    by admin January 23, 2023

    Free trade zones (FTZs) across Latin America and the Caribbean are vulnerable to illicit trade, according to a detailed and comprehensive new OECD report, Free trade zones and illicit gold flows in Latin America and the Caribbean. It focuses on the extensive use of gold-based…

    news, Trade Based Financial crimes News

    Back-to-back and standby L/Cs used in sanctions evasion and money laundering says MENA financial crime guide

    by admin November 1, 2022

    Back-to-back letters of credit (L/Cs) can be used as a sanctions evasion technique according to multiple sources who contributed to a new guide published by the Middle East and North Africa (MENA) chapter of the Global Coalition to Fight Financial Crime (GCFFC) and the MENA…

    news, Trade Based Financial crimes News

    Extortionists turn to cash intensive businesses to launder proceeds

    by admin September 14, 2022

    Cash intensive local businesses are used to funnel proceeds of extortion into apparently legitimate business bank accounts according to a new report published by Global Financial Integrity (GFI). Proceeds of extortion have also been used by criminals to purchase businesses according to the report, Extortion in…

    Trade Based Financial crimes News

    Global Forum reports on African plans and progress to stem IFFs

    by admin June 24, 2022

    A lack of transparency facilitates all types of illicit financial flows (IFFs) in Africa, including money laundering and terrorism financing, corruption as well as tax evasion according to a new report published by the Global Forum on Transparency and Exchange of Information for Tax Purposes….

    Trade Based Financial crimes News

    Banks drawn into reputational laundering networks to obscure illicit gains

    by admin June 13, 2022

    Reputation launderers, notably public relations agencies and law firms, are distorting the financial crime and sanctions risk profiles of kleptocratic regimes and oligarchs seeking to launder and protect their illicit gains according to academic and investigative researchers. Banks can also be drawn into reputation laundering…

    Trade Based Financial crimes News

    Information from financial institutions a core function for FIUs says Egmont Group

    by admin June 7, 2022

    Analysis of information received from financial institutions is a core function of financial intelligence units (FIUs), particularly in the asset recovery process according to a new report by the Egmont Group of FIUs. The group facilitates and prompts the global exchange of information, knowledge, and…

    Trade Based Financial crimes News

    US government lost US$640 billion in a year through trade-based tax evasion and money laundering

    by admin May 11, 2022

    Trade-based tax evasion and money laundering cost the US government more than US$640 billion in taxable income during 2021 according to a new report commissioned by Sēk Strategies, a Washington-based consultancy firm focused on transparency, accountability, human rights and the environment. The report is based…

    Trade Based Financial crimes News

    Banks and institutions cannot be used for AML/CFT to combat virtual assets says Moneyval

    by admin May 6, 2022

    Traditional forms of control that banks and institutions have on financial flows and services cannot be used to combat emerging money laundering and terrorist financing risks related to virtual assets according to the Council of Europe’s anti-money laundering and counter financing of terrorism (AML/CFT) watchdog,…

    news, Trade Based Financial crimes News
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    US treasury secretary announces international commitment to enhance beneficial ownership transparency
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    FinCEN publishes first guidance on beneficial ownership reporting requirements for businesses
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    UBS, Credit Suisse and US bankers under scrutiny for possible breaches of Russian sanctions
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    Trade Based Financial Crime


    Trade Based Financial Crime

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    Latest Articles

    • US treasury secretary announces international commitment to enhance beneficial ownership transparency
    • FinCEN publishes first guidance on beneficial ownership reporting requirements for businesses
    • UBS, Credit Suisse and US bankers under scrutiny for possible breaches of Russian sanctions
    • ABA calls on FinCEN to make changes to proposed beneficial ownership rule
    • Washington continues blitz on third-country entities linked to sanctions evasion

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    Certificate in Trade Finance Compliance (CTFC) CTFC is the new industry certification designed to tackle trade finance based crimes across the globe.

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