Gold-based money laundering rife in FTZs in Latin America and the Caribbean says OECD report
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…
Back-to-back and standby L/Cs used in sanctions evasion and money laundering says MENA financial crime guide
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…
Extortionists turn to cash intensive businesses to launder proceeds
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…
Global Forum reports on African plans and progress to stem IFFs
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….
Banks drawn into reputational laundering networks to obscure illicit gains
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…
Information from financial institutions a core function for FIUs says Egmont Group
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…
US government lost US$640 billion in a year through trade-based tax evasion and money laundering
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…
Banks and institutions cannot be used for AML/CFT to combat virtual assets says Moneyval
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,…
Ministers commit to swift and decisive action to improve compliance and implementation of FATF standards
The ministers of the Financial Actional Task Force (FATF) at their biennial meeting in Washington last week said they “note with concern” that effectiveness of measures in place to fight money laundering, terrorist financing, and proliferation financing, remains insufficient in many countries. They committed to…
Landmark FATF report: “tick-box” approach not enough, focus on results and implementation needed
Most countries have yet to make sufficient progress on preventing legal persons and arrangements from being abused for money laundering and terrorist financing according to a landmark report published by the Financial Action Task Force (FATF). Report on the State of Effectiveness and Compliance with…
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