Zimbabwe chalks up US$12 billion illegal trade, largely through falsified invoicing
Zimbabwe has lost an estimated US$12 billion through illegal trade involving multinational companies in its mining sector according to a new report. Falsified invoicing is the main method for facilitating the illegal financial flows according to the report entitled Capital Flight, Natural Resources and Institutions…
Tax officials in Karachi accused of trade based money laundering
Reports from Pakistan suggest that tax officials, far from cracking down on trade-based money laundering, are in reality indulging in practices such as under-invoicing and using fake invoices according to an official report. The officials, who are also accused of failing to collect taxes, are…
Zimbabwe mulls diamond tax cuts to counter smuggling and under-invoicing
The Zimbabwean government plans to tackle diamond smuggling and under-invoicing by cutting taxes levied on miners, mines minister, Walter Chidakwa has announced. He told delegates at a November conference that the measures will bolster strategies to stimulate diamond production and keep a higher proportion of…
Zimbabwe mulls diamond tax cuts to counter smuggling and under-invoicing
The Zimbabwean government plans to tackle diamond smuggling and under-invoicing by cutting taxes levied on miners, mines minister, Walter Chidakwa has announced. He told delegates at a November conference that the measures will bolster strategies to stimulate diamond production and keep a higher proportion of…
India’s central bank turns spotlight on diamond trades
Intelligence agencies in India have alerted the central bank that diamond trade financing is being used as a cover for money laundering. India is considered amongst the world’s top ten nations in terms of illicit outflows.
India’s central bank turns spotlight on diamond trades
Intelligence agencies in India have alerted the central bank that diamond trade financing is being used as a cover for money laundering. India is considered amongst the world’s top ten nations in terms of illicit outflows.
Over 100 firms under surveillance in Bangladesh for letter of credit money laundering
Bangladesh police reportedly have more than 100 firms under surveillance after investigations found evidence of their involvement in trade finance based money laundering. The Criminal Investigation Department (CID) alleges that the firms routinely use letters of credit (L/Cs) as a tool for money laundering.
Over 100 firms under surveillance in Bangladesh for letter of credit money laundering
Bangladesh police reportedly have more than 100 firms under surveillance after investigations found evidence of their involvement in trade finance based money laundering. The Criminal Investigation Department (CID) alleges that the firms routinely use letters of credit (L/Cs) as a tool for money laundering.
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