WCO, Egmont Group and Interpol successfully conclude first Latin American AML/CFT operation
The World Customs Organisation (WCO), Egmont Group of Financial Intelligence Units (FIUs) and Interpol have successfully concluded their first anti-money laundering and counter financing terrorism financing (AML/CTF) joint investigation in the Western Hemisphere. Operation Tentacle-Latin America revealed extensive illicit movements of gold, silver, diamonds and…
Canada’s federal government failing to address TBML says Cullen report
Federal investigative agencies have done little to address trade-based money laundering (TBML) according to the final version of a report commissioned by British Columbia into money laundering following revelations of widespread trade-based financial crime in the Canadian province (Trade-based Financial Crime, 12 June 2019). “This…
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…
No evidence of under-invoicing by Pakistan’s MG car importer
No evidence of under-invoicing in favour of the importer of MG cars into Pakistan has been found by the country’s Federal Bureau of Revenue (FBR) after its six month investigation into the importer and the vehicles’ Chinese manufacturer. Originally one of Britain’s leading car marques…
IHS Markit allies with Complidata to provide financial crime due diligence frameworks for trade finance
Veteran information, analytics and solutions provider to the maritime and trade sector, IHS Markit has announced a partnership with and Complidata, which offers a data driven anti-money laundering (AML) trade finance platform. The partnership will offer customers in trade finance a series of risk and…
Ghana issues directive for commercial banks to curb misdeclarations, under-invoicing and non-reporting
The Bank of Ghana (BoG) has issued a directive to all commercial banks demanding foreign companies operating in the country register a Technology Transfer Agreement (TTA) with the Ghana Investment Promotion Centre (GIPC). The directive comes in the wake of a wave of investigations into…
Bangladesh introduces sentences of seven years in jail for invoice misdeclaration
Traders and investors in Bangladesh found guilty of misdeclaration of exports, imports and investments abroad will be sentenced to seven years in prison as the country continues its clampdown on trade-based money laundering (TBML). The move is one of several measures taken by the authorities…
EBA’s Opinion on the risks of ML/TF affecting the EU’s financial sector
The European Banking Authority (EBA) has published its biennial Opinion on risks of money laundering and terrorist financing (ML/TF) affecting the EU’s financial sector. The Opinion specifically contemplates the exposure of credit providers to trade-based money laundering (TBML), otherwise it identifies and provides a list…
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…
Fight against corruption and IFFs key plank in South Africa’s economic recovery plan
South African President Cyril Ramaphosa has said his government is intensifying its fight against corruption and illicit financial flows (IFFs) as an integral part of its plans to revive the country’s economy in the wake of the coronavirus pandemic. In an address outlining the country’s…
