GFI announces cloud-based tool to detect misinvoicing
Global Financial Integrity (GFI), the Washington-based non-profit best known for its work researching and lobbying to prevent illicit financial flows, has developed a cloud-based risk assessment application to detect misinvoicing. GFTrade provides accurate results efficiently, consistently and with minimal training and is suitable for any…
Global banks engaged in industrial-scale money laundering says ICIJ
Global banks have engaged in industrial-scale money laundering according to secret financial intelligence reports leaked to the BuzzFeed News channel and analysed by the International Consortium of Investigative Journalists (ICIJ). The consortium alleges the leaked reports from the US treasury department’s Financial Crimes Enforcement Network (FinCEN)…
Shell companies key to North Korea’s illicit access to the global financial system
North Korea is managing to bypass international sanctions and gain access to the global financial system using shell companies and bogus documents according to confidential bank documents NBC News says it has seen. The documents indicate that North Korea, alongside other rogue actors, move millions…
US investigators ditch inquiry into Kaloti’s gold trade money laundering
Investigators in the US have ditched their pursuit of money laundering charges against one of the world’s largest gold traders and refiners, Kaloti Jewellery Group. Earlier this year a British High Court found that one of the world’s ‘Big 4’ accounting firms and Kaloti’s accountants,…
US files complaint against Chinese shell companies facilitating US technology sales to North Korea
The US has filed a complaint against two Chinese shell companies it accuses of helping China’s ZTE Corporation sell US technology to North Korea in violation of US sanctions US prosecutors are now seeking to forfeit nearly US$1 million from Ryer International and Rensy International, the…
Journalists awarded grants for investigating IFFs, noxious assets, money laundering and corruption
A total of 20 journalists have received grants to fund investigative research and reports on corruption, money laundering, noxious assets and cross-border illicit financial flows (IFFs). The grants were awarded by the Nigeria-based non-profit Human and Environmental Development Agenda (HEDA) Resource Centre in collaboration with…
Russian oligarchs used trade in high-value art and shell companies to evade sanctions
The US Senate’s permanent subcommittee on investigations has published a report revealing how Russian oligarchs used artworks and shell companies in a multi-million dollar trade-based money laundering operation. The report alleges that Arkady and Boris Rotenberg and Arkady’s son, Igor, used transactions involving high-value art…
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Trade Based Financial Crime
Trade Based Financial Crime
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