UNCTAD and ZRA mineral tracking tool now available for other countries
A mineral tracking system employing a data evaluation tool designed by the United Nations Conference on Trade and Development (UNCTAD) and the Zambian Revenue Authority (ZRA) helped Zambia recover an additional US$1 million in export dues from mining companies in one year. The system, which…
Nigeria clamps down on over-invoicing and forex overpricing
The Central Bank of Nigeria’s Economic Intelligence Unit (EIU) and the Nigerian Financial Intelligence Unit (FIU) are working with Interpol and the US Federal Bureau of Investigation (FBI) in an investigation to uncover companies engaged in foreign exchange fraud that involves the purchase of over-invoiced…
Trade-based financial crime and misinvoicing in Albania, Kosovo and North Macedonia
A new report from the Global Initiative against Transnational Organised Crime has found significant evidence of trade-based financial crime in Albania facilitated by misinvoicing. Illicit Financial Flows in Albania, Kosovo And North Macedonia looks at illicit financial flows (IFFs) all three of the Balkan states. The…
Can AfCFTA do enough to counter trade misinvoicing in Africa?
The African Continental Free Trade Area (AfCFTA) aims to make intra-African trade easier and more profitable for businesses across the continent. But if AfCFTA is implemented there are concerns that it will not do enough to counter trade misinvoicing and other illicit financial flows (IFFs)…
Chrome ore misinvoicing and smuggling deprive Zimbabwe of millions of US dollars annually
Misinvoicing and smuggling of chrome ore is cheating Zimbabwe’s exchequer out of many millions of US dollars a year according to The Independent, one of the country’s most read newspapers. It says the government has been collecting annual earnings of more than US$15 million per…
South African miner accused of persistent misinvoicing
The largest trade union in South Africa’s platinum sector has alleged that more than 28 billion rand (R28 billion – US$1.8 billion ) has been illegally moved out of the country by mining company Samancor. The Association of Mineworkers and Construction Union (Amcu) has now…
Colombia lost US$2.8 billion in revenue to trade misinvoicing in 2016
A new report, Illicit Finacial Flows and Colombia has been published by the Economist Intelligence Unit (EIU) in collaboration with Colombian non-governmental organisation (NGO) Cedetrabajo, and US-based lobby and research group, Global Financial Integrity (GFI). The report quotes GFI estimates that the Colombian government lost US$2.8…
GFI revises scale of South Africa’s misinvoicing
Global Financial Integrity (GFI) has revisited South Africa to look at how much the country lost in tax revenues in 2016 due to misinvoicing, and has apparently concluded that revenue losses due to misinvoicing amount to less than an earlier GFI estimate. In its latest…
Saudi Arabia and Pakistan agree trade data exchange to curb misinvoicing
Saudi Arabia and Pakistan have reached a formal agreement to exchange data on values of imported and exported goods to control under- and over-invoicing. The agreement responds to Financial Action Task Force (FATF) recommendations for Pakistan.
India imposes steel import registration to curb misinvoicing
India has removed iron and steel from its list of imports that can be brought into the country by unregistered importers as part of its efforts to curb under- and over-invoicing and stem the dumping of iron and steel imports. From 1 November 2019, importers…
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