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…
US offers up to US$10 million reward for information on al-Shabaab’s emerging trade-based and other financing operations
The US state department is offering a reward of up to US$10 million for information leading to the disruption of the financial mechanisms of al-Shabaab, the Islamic fundamentalist jihadist group based in Somalia and active elsewhere in East Africa. The group, which Washington considers to…
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…
Landmark World Bank report kicks off review of risk-based AML/CFT approach
Nearly a decade after the Financial Action Task Force (FATF) introduced requirements for National Risk Assessments (NRAs) of money laundering and terrorism financing (ML/TF) risks, the international community is at the right point to review the past 10 years and assess whether the risk-based approach…
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….
Art traders call for review of AML/CFT regulations after US treasury report suggests prioritising shell companies and real estate
The world’s largest art trade federation is leading the call for a fundamental international review of policy making after a recent report commissioned by the US treasury department indicated that money laundering and terror finance risks associated with shell companies and the real estate sector…
Russia’s role in FATF under review amidst growing money laundering, terrorist and proliferation financing risks
Russia’s invasion of Ukraine is a “gross violation” of standards committed to by members of the Financial Action Task Force (FATF) which has said it will “consider what future steps are necessary to uphold these core values.” A statement issued by the financial watchdog expresses its…
UAE launches assessment of proliferation financing risks as FATF ‘grey list’ decision looms
The UAE has launched a comprehensive assessment of proliferation financing risks as it strives to avoid being placed on the Financial Action Task Force (FATF) ‘grey list’ of countries with strategic deficiencies in their anti-money laundering and counter financing of terrorism (AML/CFT) regimes. In April…
Egmont Group publishes report to help identify financial transactions linked with financing of extreme right-wing terrorism
The Information Exchange Working Group (IEWG) of the Egmont Group of Financial Intelligence Units (FIUs) has published a report to help agencies proactively identify financial transactions likely to be linked to the financing of extreme right-wing terrorism. The report, FIUs’ Capabilities and Involvement in the…
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…
