TradeSun launches real-time offering to tackle dual-use goods and Russia sanctions
TradeSun, an artificial intelligence (AI) platform for financial crime prevention and compliance in trade, has launched a real-time offering to detect and intercept financial transactions involving dual-use goods from Russia and Belarus, as well as vessels entering sanctioned areas amid the Russia-Ukraine crisis. The solution…
New Thomson Reuters offering aims to identify beneficial owners of international entities
Thomson Reuters has launched CLEAR Global Beneficial Ownership (GBO), a new product that aims to enable organisations to quickly understand the ownership and control of international corporate entities and help them find global business registry information. The launch coincides with an increasing realisation that beneficial…
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…
TBML increasingly a priority for financial institutions in Asia Pacific says new report
New research conducted by RegTech NICE Actimize and Regulation Asia, suggests that countering financial crime could move beyond well-used tools such as suspicious transaction monitoring and sanctions screening and focus on high risk areas, including trade-based financial crime. Other areas considered high risk include fraud…
Blockchain and artificial intelligence offer opportunities to curb illicit trade says TBML focused US senator
Sophisticated modern tools such as blockchain and artificial intelligence offer opportunities to see and analyse information and root out illicit trade according to a US senator who for years has been calling for more action to curb trade-based money laundering (TBML). US senator Bill Cassidy,…
Mbeki continues campaign against trade-based financial crime, calls on ALSF to focus more on IFFs
“The African Legal Support Facility (ALSF) must assist African countries to negotiate fair and balanced contracts to eliminate opportunities for illicit receipt, use, or transfer of funds,” says former president of South Africa and current chair of the African Union’s High-level Panel on Illicit Financial…
European parliament calls for an EU FIU and more funding for AML efforts
The European Commission has presented an ambitious package of four legislative proposals to strengthen the European Union’s (EU’s) anti-money laundering and counter financing of terrorism (AML/CFT) rules, which includes the creation of a new EU authority to fight money laundering (Trade-based Financial Crime, 21 July 202, New…
New EU AML Authority centrepiece in European Commission’s ambitious AML/CFT proposals
The European Commission presented yesterday a package of four legislative proposals to strengthen the European Union’s (EU’s) anti-money laundering and counter financing of terrorism (AML/CFT) rules. The package includes a proposal for the creation of a new EU authority to fight money laundering, new AML/CFT regulations with…
Chinese national sentenced to 14 years for role in sophisticated TBML ring laundering drug proceeds for Mexican cartels
A key player in a most sophisticated trade-based money laundering (TBML) ring, Xianbing Gan, has been sentenced to 14 years in prison for laundering illegal narcotics proceeds on behalf of drug traffickers in Mexico. The TBML ring laundered hundreds of millions of dollars via US…
War against money laundering being lost
The global system for financial crime is hugely expensive and largely ineffective according to The Economist. The international weekly newspaper and online publisher concludes in an article that the war against money-laundering is being lost.
