Kenyan anti-corruption chief meets FBI director as Nairobi’s AML progress goes into reverse
The CEO of Kenya’s Ethics and Anti-Corruption Commission (EACC), Twalib Mbarak, has been meeting with US Federal Bureau of Investigation (FBI) officials at their Washington headquarters. The meetings took place in the context of pressure for US agencies to work more closely with international partners…
TBML used extensively to launder proceeds of romance and internet scams
Investigators in the US are probing a trade-based money laundering (TBML) network that is supporting the activities of internet fraudsters. The investigation by the Federal Bureau of Investigation (FBI) has already resulted in charges brought against two alleged fraudsters. US banking system The FBI is…
TBML links in major national security and corruption threats presented by opaque US private investment firms
The US$11 trillion US private investment industry presents major national security and corruption threats and represents a gaping hole in the country’s anti-money laundering (AML) framework according to a joint report released yesterday by the Financial Accountability and Corporate Transparency (FACT) Coalition, Global Financial Integrity…
Gold trader a co-conspirator in drugs related money laundering operation
A gold trader has been named as a co-conspirator in an indictment against US Private Vaults, an anonymous safety deposit box business in Beverly Hills accused of money laundering and providing services for drug dealers. The US attorney for Los Angeles has accused US Private…
FBI director highlights growing threats of TBML and professional money launderers
Director of the US’ Federal Bureau of Investigation (FBI), Christopher Wray, has highlighted the growing threat of trade-based money laundering (TBML) and the increasingly active role played by professional money launderers (PMLs) in financial crimes. The FBI chief was talking at the American Bankers Association…
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…
FBI criticises Washington’s lax approach to beneficial ownership disclosure
Acting deputy assistant director of the Federal Bureau of Investigation’s (FBI’s) criminal investigative division, Steven D’Antuono, has issued a statement before the US Senate’s Banking, Housing, and Urban Affairs Committee on combatting illicit financing through anonymous shell companies. He criticises the US for having one…
FBI reveals TBML concerns to US Senate committee
Section chief of the US Federal Bureau of Investigation’s (FBI’s) Criminal Investigative Division, Steven D’Antuono, has highlighted to legislators the serious threat of trade-based money laundering (TBML). D’Antuono listed TBML second in a list of eight money laundering typologies that the FBI is concerned about…
Commodity contracts used to launder North Korean funds
A Singaporean businessman once lauded as a leading young entrepreneur has illegally laundered millions of dollars in funds for North Korea, US prosecutors have said. Tan Wee Beng used commodity contracts to move funds for North Korean entities through the global banking system by transferring…
“Unregulated” art trade used in attempt to launder £6.7 million of ill-gotten gains
A ring of five alleged securities fraudsters and a London art dealer as well as four businesses are named in an indictment filed by the US Attorney’s Department of Justice in New York. The charges against the defendants include conspiracy to commit securities fraud and…
