Sri Lanka’s customs expands international information exchange network to curb TBML
Sri Lanka’s customs department is entering into partnerships with counterparts in other countries in its bid to curb trade based money laundering (TBML). The department is also seeking international assistance and cooperation to crackdown on gold smuggling, which has increased significantly over recent years.
Egyptian manufacturers turning to TBML in currency crisis
A lack of foreign currency and tough banking requirements may have caused Egyptian manufacturers to engage in trade-based money laundering (TBML), smuggling and illegal trade activity to stay afloat, manufacturers and analysts have reportedly told Middle East Eye. While its analysis focuses solely on Egypt,…
Concerns over money laundering, IFFs and ownership disclosure linger over new Colombo Port City Law
Serious concerns linger over the new Colombo Port City Law passed by the Sri Lanka parliament at the end of last month. Transparency International Sri Lanka (TISL) was one of the petitioners that had challenged the new law. One of the main concerns is that…
Money laundering and IFFs amongst concerns over China-funded port plans in Sri Lanka
Money laundering and illicit financial flows (IFFs) are amongst several concerns raised by petitioners who have triggered a five-judge bench of the Sri Lankan Supreme Court to examine several petitions filed against the US$1.4 billion China-funded Colombo Port City Commission Bill presently in parliament. The…
South Asian banks need AML overhaul says Deloitte report
Banks and financial institutions across South Asia need to overhaul their anti-money laundering (AML) mechanisms according to a new report published by Deloitte. The South Asia Anti-Money Laundering Preparedness Survey found that banks are currently reactive in their approach to AML mechanisms and need to…
European Union publishes new list of high risk countries
The European Commission (EC) has published a new annual list of high risk third countries that it believes pose significant threats to the financial system of the European Union (EU) because of failings in tackling money laundering and terrorism financing. The list aims to protect the…
India clamps down on pepper trade-based financial crime
India has suspended the issuance of certificates of origin for export consignments of spices from Sri Lanka to India under the Indo-Sri Lanka Free Trade Agreement and the South Asia Free Trade Agreement. The move follows huge revenue losses from imports of pepper supposedly grown in Sri…
EU blacklists 23 jurisdictions in fight against money laundering and terror financing
The European Commission has adopted a new list of 23 countries with strategic deficiencies in their anti-money laundering (AML) and counter financing of terrorism (CFT) frameworks. The list has been issued in the wake of EU concerns about a string of major AML/CFT breaches by…
FATF adds Serbia to its grey list and removes Bosnia and Herzegovina
As part of its continuous review of compliance with the anti-money laundering and counter financing of terrorism (AML/CFT) standards, the Financial Action Task Force (FATF) announced in Paris in February a new list of countries with strategic AML/CFT deficiencies. Serbia has been added to the…
Sri Lanka targets AML/CFT compliance in the gem and jewellery trades in bid to be removed from FATF grey list
Sri Lanka is hoping to be removed from the Financial Action Task Force’s (FATF) grey list for money laundering and terrorist financing this October, and is targeting the gem and jewellery trades. Both FATF and the EU have said that these sectors are “high risk”…
