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    Pakistan and China agree to a single electronic customs portal to fight TBML

    by admin April 27, 2022

    Pakistan’s new national single window customs portal, which allows traders to submit and access all relevant documents relating to a trade via a single electronic gateway, is to integrate with its Chinese counterpart after the customs authorities in the two countries agreed to form a…

    Trade Based Financial crimes News

    Analyse “long-concealed SWIFT data” to sanction Russian oligarchs says TJN

    by admin March 23, 2022

    Analysis of “long-concealed SWIFT data” to detect where money has been rerouted to should be used in efforts by newly established task forces to sanction Russian oligarchs and companies according to the Tax Justice Network (TJN). It says efforts to sanction Russian entities have immediately…

    news, Trade Based Financial crimes News

    Tough reporting obligations for art traders, but shell companies the root problem and art not a priority suggests US treasury report

    by admin March 16, 2022

    Close outstanding gaps in the US anti-money laundering and counter financing of terrorism (AML/CFT) regime, including those related to beneficial ownership and real estate, before focusing on the art trade the US treasury is told in a study examining money laundering (ML) and terrorist financing…

    news, Trade Based Financial crimes News

    Crack down on TBML to battle the world’s kleptocrats says US senator

    by admin March 11, 2022

    Action to prevent or stem trade-based money laundering (TBML) needs to be better coordinated to battle the world’s kleptocrats according to a comprehensive plan devised by a leading US senator. Sheldon Whitehouse has launched his plan in the wake of Russia’s invasion of Ukraine, which…

    news, Trade Based Financial crimes News

    Freshly sanctioned Russian entities may turn to established TBML platforms and schemes

    by admin February 23, 2022

    Sanctions imposed by western countries, Australia and Japan on Russian banks, oligarchs and other wealthy individuals in response to Moscow ordering troops into separatist regions of eastern Ukraine may prompt sanctioned individuals and entities to contemplate using trade-based money laundering (TBML) operations to channel funds….

    Trade Based Financial crimes News

    Difficult to assess FinCEN’s beneficial ownership reporting proposals say US banks

    by admin February 11, 2022

    The American Bankers Association (ABA) has responded to the proposal by the US treasury department’s Financial Crimes Enforcement Network (FinCEN) for revised rules on beneficial ownership information reporting requirements (Trade-based Financial Crime, 30 December 2020). The association says it supports the creation of the registry…

    news, Trade Based Financial crimes News

    FinCEN seeks comments on modernisation of US AML/CFT regulatory regime

    by admin December 29, 2021

    The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a request for information (RFI) seeking comments on ways to streamline, modernise and update the country’s anti-money laundering and counter financing of terrorism (AML/CFT) regime. As part of a formal review process, FinCEN says…

    news, Trade Based Financial crimes News

    More information sharing and collaboration needed to combat TBML says major new US government report

    by admin December 15, 2021

    Better information sharing and collaboration is needed to combat trade-based money laundering (TBML) according to a substantial report released on Monday by the US Government Accountability Office (GAOs). Countering Illicit Finance and Trade concluded that TBML is one of the primary mechanisms criminal organisations and…

    news, Trade Based Financial crimes News

    Focus on trade in radically overhauled new US strategy for an international fight against corruption

    by admin December 13, 2021

    The US will work with international partners as well as domestically to prevent, limit, and respond to corruption and related crimes in a significant overhaul of the way it targets public corruption that includes a clear focus on international trade according to a new plan…

    Trade Based Financial crimes News

    TBML vulnerabilities catalogued in new report on financial crime in Kenya

    by admin November 15, 2021

    An extensive new report examining financial crime in Kenya provides details of several trade-based money laundering (TBML) vulnerabilities in the country’s natural resources sectors. It also demonstrates how trade and Kenyan banks play a part in the country’s role facilitating illicit financial flows involving South…

    news, Trade Based Financial crimes News
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    Latest news

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    US treasury secretary announces international commitment to enhance beneficial ownership transparency
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    FinCEN publishes first guidance on beneficial ownership reporting requirements for businesses
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    UBS, Credit Suisse and US bankers under scrutiny for possible breaches of Russian sanctions
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    Trade Based Financial Crime


    Trade Based Financial Crime

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    Latest Articles

    • US treasury secretary announces international commitment to enhance beneficial ownership transparency
    • FinCEN publishes first guidance on beneficial ownership reporting requirements for businesses
    • UBS, Credit Suisse and US bankers under scrutiny for possible breaches of Russian sanctions
    • ABA calls on FinCEN to make changes to proposed beneficial ownership rule
    • Washington continues blitz on third-country entities linked to sanctions evasion

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    Certificate in Trade Finance Compliance (CTFC) CTFC is the new industry certification designed to tackle trade finance based crimes across the globe.

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