EU-UN study suggests sanctions for Eastern European banks for SARs and customer identification failures
Illicit financial flows (IFFs) in the EU’s Eastern Partnership (EaP) region, can be estimated at around €29 billion (US$31 billion) every year according to a new study released by the EU and the UN Interregional Crime and Justice Research Institute. One of its recommendations to…
UK central to US$483 billion annual losses due to tax abuse by multinational companies and wealthy individuals
Tax abuse by multinationals and ultra-wealthy individuals causes annual tax losses of US$483 billion worldwide according to a new report by the Global Alliance for Tax Justice, Public Services International and the Tax Justice Network. The largest share of tax losses of US$312 billion is…
Trade-based financial crime features in Turkey’s downgrade to FATF’s grey list
Concerns over trade-based financial crime contributed to the decision by the Financial Action Task Force (FATF) to add Turkey to its grey list of jurisdictions subject to increased monitoring for failing to adequately implement anti-money laundering and counter financing of terrorism(AML/CFT) measures. Jordan and Mali…
UN commission links TBML with South Sudanese funds misappropriated to buy London properties – no comment from banks involved
The UN Commission on Human Rights in South Sudan has published a conference room paper in which it concludes that activities “consistent with trade-based money laundering” (TBML) were used to effect purchases of residential properties in London. The commission says it has “reasonable grounds to…
Afghan FIU disconnected from international network against money laundering and terrorist financing
The Financial Transactions and Reports Analysis Centre of Afghanistan (FinTRACA) from has been disconnected from the Egmont Secure Web (ESW) by the Egmont Group of Financial Intelligence Units (FIUs). In a brief statement the Egmont Group said it disconnected the Afghan FIU on 15 August…
Tackling IFFs, revenue mismanagement and corruption top of UN chief’s list for transforming extractive industries
Addressing illicit financial flows (IFFs), revenue mismanagement and corruption is one of four imperatives highlighted by UN secretary-general António Guterres that must be enacted to ensure that the benefits of mineral resources reach all people in society, not just elites, while safeguarding the natural environment….
EBA publishes updated AML and CFT risk factor guidelines
The European Banking Authority (EBA) has released updated guidelines on customer due diligence and the factors credit and financial institutions should consider when assessing money laundering and terrorist financing (ML/TF) risks associated with individual business relationships and occasional transactions. The guidelines aim to support firms’…
Sharpened focus on illicit trade in natural resources anticipated after UN adopts Kyoto Declaration
Illicit trade in natural resources – including protected flora and fauna as well as illegally harvested and mined commodities such as timber, metals and stones – is likely to come into sharper focus after the UN’s adoption of the Kyoto Declaration on Advancing Crime Prevention,…
Bankers, lawyers and accountants who enable financial crime must face punitive sanctions says UN panel
Stronger laws and institutions are needed to prevent corruption and money laundering while bankers, lawyers and accountants who enable financial crime must face punitive sanctions says a UN panel. The High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI)…
UN agencies finalise framework to measure illicit financial flows
The United Nations Conference on Trade and Development (UNCTAD) and the United Nations Office on Drugs and Crime (UNODC) have finalised a conceptual framework for the statistical measurement of illicit financial flows (IFFs). Pilot projects are either underway or due to commence soon using the new framework…
