Dutch financial supervisors’ informal warnings miss opportunities to use full range of sanctions
Despite two recent high profile out-of-court settlements involving major Dutch banks, some of the Netherland’s supervisors still heavily rely on informal enforcement actions and warning letters according to the Financial Action Task Force (FATF). In its Mutual Evaluation Report Netherlands-2022, the FATF says that whilst the…
Germany could do more to tackle money laundering says FATF
Germany has drawn criticism from the Financial Action Task Force (FATF) for not doing enough to tackle money laundering, such as not implementing reforms to its anti-money laundering and counter financing of terrorism (AML/CFT) regime and prosecuting very few for money laundering. In its Mutual Evaluation…
Financial services firms lacking resources and talent to cope with fog of Russian sanctions
Global banks and businesses face unprecedented challenges in applying sanctions, export controls, and prohibitions against providing certain services to Russia since its invasion of Ukraine on 24 February, according to a white paper published by Thomson Reuters. Entitled The fog of sanctions, the paper observes that…
TradeSun’s trade finance compliance platform now integrated with Coriolis’ ESG solution
TradeSun, a trade finance platform that features artificial intelligence technology that augments human behaviour by learning how employees interact with trade finance documents, and Coriolis Technologies, a trade data and analytics provider, have partnered to launch an integrated solution for banks to measure and verify…
Trade finance retaliation warning as concerns mount over Turkey’s deepening ties with Russia
Trade finance for transactions with Turkey could be restricted amidst mounting alarm in western capitals over Ankara’s deepening ties with Moscow forged last week when Turkish President Recep Tayyip Erdogan met his Russian counterpart, Vladimir Putin. The leaders agreed to boost cooperation in trade and…
Financial sanctions imposed on six UAE banks for non-compliance
Six banks operating in the UAE have been fined for failing to comply with the OECD’s Multilateral Administrative Agreement for Automatic Exchange of Information and Common Reporting Standard (CRS) according to a Central Bank of the UAE (CBUAE) statement. The CRS is a global methodology…
EU bans Russian gold imports, tightens export controls and restricts shipping
The EU Council has adopted further sanctions against Russia, effectively banning its most significant export after energy – Russian gold. It has also introduced new measures to prevent circumvention of sanctions by ships and extends the list of dual-use and advanced technology items that may contribute…
Banks in UK and Switzerland missing out on opportunities in green finance while risking sanctions infringement
New research by one of the world’s leading providers of vessel-tracking, sanctions screening and regulatory solutions endeavours to explain why banks, financial organisations, carriers, and shippers in the UK and Switzerland are losing out on big opportunities in green finance while risking sanctions infringement. Pole…
EU set to join UK, Canada, US and Japan by banning imports of Russian gold
The European Commission (EC) has set out plans to introduce a new import ban on Russian gold to align with the announcement last month that the UK, Canada, US and Japan would do so in an attempt to stem funding for Moscow’s invasion of the…
Designated Russian individuals turning to TBML to evade sanctions
Sanctioned Russian individuals are using a range of methods, including trade-based money laundering (TBML), to evade sanctions imposed on them following Russia’s invasion of Ukraine according to financial intelligence sources consulted by the UK’s Joint Money Laundering Intelligence Taskforce (JMLIT). Other methods include using family…
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Trade Based Financial Crime
Trade Based Financial Crime
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