FATF and Egmont release Trade-Based Money Laundering: Risk Indicators
The Financial Action Task Force (FATF) and Egmont Group of Financial Intelligence Units have released a new guide for financial institutions and businesses providing a set of trade-based money laundering (TBML) risk indicators for people responsible for compliance, transaction monitoring, investigative analysis, client onboarding and relationship…
Financial exclusion and opaque banking laws help make Colombian gold more attractive than drugs to money launderers
The exclusion of artisanal and small-scale miners from the financial system and Switzerland’s opaque banking laws are amongst the factors making Colombia’s gold sector vulnerable to illicit financial flows (IFFs) according to a new report published by Global Financial Integrity (GFI). Meanwhile gold appears more…
Fraudsters employ TBML to shift proceeds of email, romance and pandemic-related scams from US to Ghana
Six people have been arrested in the US in connection with their roles in a fraud and money laundering conspiracy based in Ghana involving the theft of tens of millions of dollars. Those arrested employed trade-based money laundering (TBML) operations to remit illicit funds from…
FATF report highlights importance of customs services in TBML fight
Customs services play the role of sentinels for illicit trade activity according to the recently published report by the Financial Action Task Force (FATF) in collaboration with Egmont Group to help the public and private sector with the challenges of detecting trade-based money laundering (TBML…
Pakistan’s MG car importer denies TBML allegations
The importer of MG cars into Pakistan has denied allegations of trade-based money laundering (TBML) as his company seeks to establish a market position in Pakistan. Originally one of Britain’s leading car marques and now ultimately owned by Chinese state-owned automotive giant SAIC Motor, MG and its…
FATF report reveals FIUs’ alternative approaches
A specific focus on financial intelligence units (FIUs) features in the new Financial Action Task Force (FATF) report, Trade-Based Money Laundering, Trends and Developments (Trade-based Financial Crime, 11 December 2020). The FATF prepared the report for the first time in collaboration with the Egmont Group…
Banks’ expanding technology can help stem TBML related illegal wildlife trade
Banks can help organisations intent on preserving the earth’s fisheries, forests, wildlife and other natural resources by employing the increasingly sophisticated technologies used to monitor correspondent relationships or their trade finance operations according to the compliance lead at FICO, the California-based company best known for…
Bangladesh establishes new unit to tackle TBML via international under- and over-invoicing and transfer pricing
Bangladesh has established a new body to detect and prevent trade-based money laundering (TBML) through under- and over-invoicing in international trade. The new transfer pricing cell (TPC) has a specific remit to focus on customs duty and VAT evasion, and is additional to existing TPC…
Surecomp integrates ThetaRay to mitigate TBML and ATM risks for banks and corporates
Canadian fintech Surecomp, which specialises in global trade finance solutions for banks and corporates, has announced a partnership with cyber security and big data analytics company ThetaRay for its detection platform to be live on the Surecomp Marketplace platform. Fully integrated with Surecomp’s back-office trade…
FATF report draws attention to trade-based terrorist financing
A specific focus on trade-based terrorist financing (TBTF) features in the new report released by the Financial Action Task Force (FATF) in collaboration with the Egmont Group to help the public and private sector with the challenges of detecting trade-based money laundering TBML (Trade-based Financial…
