FATF warns of international transfer scams using its own name
ATFCP |Trade Based Financial Crime News
by Mark Ford
7M ago
The Financial Action Task Force (FATF) has issued a warning about scams in which its own name is being used for fraudulent purposes. The scams are aimed at those wishing to make international transfers of funds who are allegedly asked by the FATF to pay fees for fictitious services, for example relating to verification of the origin of the funds. If the customer fails to pay the fees, the funds are blocked. Veneer of credibility These scams may appear to use letterheads with the FATF logo, or contain the signatures of actual or fictitious senior FATF officials, according to a statement issued ..read more
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OECD countries responsible for most corporate tax losses, so move global tax leadership to UN says TJN
ATFCP |Trade Based Financial Crime News
by Mark Ford
7M ago
The UK and its dependant territories, the Netherlands, Luxembourg and Switzerland, are together responsible for 50 per cent of global corporate tax losses according to a new report by the Tax Justice Network (TJN). The State of Tax Justice 2023 also argues that global tax leadership, which is currently assumed by the Organisation for Economic Co-operation and Development (OECD), should be transferred to the UN. The report urges countries to vote at the UN general assembly later this year in favour of beginning negotiations on a UN tax convention to avert what the TJN describes as “astronomic l ..read more
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Sri Lanka’s customs expands international information exchange network to curb TBML
ATFCP |Trade Based Financial Crime News
by Mark Ford
8M ago
Sri Lanka’s customs department is entering into partnerships with counterparts in other countries in its bid to curb trade based money laundering (TBML). The department is also seeking international assistance and cooperation to crackdown on gold smuggling, which has increased significantly over recent years. Recent agreements The customs department has recently signed a memorandum of understanding with India to exchange information and to detect money laundering and tax evasion according to Sri Lanka’s Business Times, citing a senior customs officer. The officer also told the journal that a t ..read more
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Uganda’s vulnerabilities to ‘commonly used’ TBML exposed
ATFCP |Trade Based Financial Crime News
by Mark Ford
8M ago
Trade-based money laundering (TBML) has over recent years become a commonly used method to launder money in Uganda according to a new policy memo published by Washington-based Global Financial Integrity (GFI) and Uganda-based public policy research and advocacy think tank, Advocates Coalition for Development and Environment (ACODE). Trade-based Money Laundering in Uganda identifies key TBML risk factors in Uganda, including corruption, lack of coordination among stakeholders, lax oversight of free trade zones and limited understanding of TBML and techniques used. The memo says these risk ..read more
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Southern Africa’s favourable illicit natural resource trade environment highlighted in new AfDB report
ATFCP |Trade Based Financial Crime News
by Mark Ford
8M ago
Natural resource management in Southern Africa is faced with weak governance structure and poor institutional and legislation frameworks according to a new report published by the African Development Bank (AfDB). The Southern Africa Economic Outlook 2023 says that as a result of this, the region faces three rampant challenges: illicit trade, illicit and illegal financial flows, and political economies featuring rent seeking and corruption, all of which are depleting the region’s natural capital. Favourable illicit trade environment Products associated with illegal trade range from illegally-lo ..read more
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Focus on NPO abuse admits Mongolia to elite club of countries compliant or partially compliant with all FATF recommendations
ATFCP |Trade Based Financial Crime News
by Mark Ford
8M ago
Mongolia has passed all 40 recommendations set by the Financial Action Task Force (FATF), making the country the first in the Asia Pacific region, and the fifth country in the world to achieve this level of compliance, according to minister of justice and home affairs, Tsendiin Nyambaatar. Previously, Mongolia was compliant or largely compliant with 39 of the FATF recommendations, but only partially compliant with recommendation 8, which deals with the potential for non-profit organisations (NPOs) to be abused for the financing of terrorism. The FATF is currently consi ..read more
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Deutsche Bank fined US$186 million for sanctions and AML breaches
ATFCP |Trade Based Financial Crime News
by Mark Ford
8M ago
The US Federal Reserve Board has fined Deutsche Bank a total of US$186 million and ordered it to improve its sanctions and anti-money laundering (AML) systems. The fine is a result of the bank’s failure to respond sufficiently to two enforcement actions in 2015 and 2017 against the bank’s New York branch and several of its US affiliates in relation to sanctions violations and internal controls failures, as well as unsafe and unsound AML practices. Insufficient progress Deutsche Bank made insufficient remedial progress under the 2015 and 2017 consent orders and had deficient AML internal c ..read more
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UAE to introduce money laundering prosecution entities, Dubai fines Mirabaud for AML failings
ATFCP |Trade Based Financial Crime News
by Mark Ford
8M ago
The UAE is making moves to demonstrate that it is tightening its systems to prevent financial crime by introducing federal prosecution entities specialised in economic crimes and money laundering. Financial hub Dubai meanwhile has signalled its willingness to punish organisations with inadequate anti-money laundering (AML) systems and controls by imposing a fine of more than US$3 million on bank Mirabaud (Middle East) for AML failings. The moves come more than a year after the Financial Action Task Force added the UAE to its grey list of jurisdictions subject to increased monitoring for failin ..read more
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Africa in firing line as more sanctions target Wagner Group
ATFCP |Trade Based Financial Crime News
by Mark Ford
8M ago
Fresh sanctions have been imposed by European and North American countries on the Wagner Group, the Russia-based private military company founded by Yevgeny Prigozhin. Sanctions are increasingly focused on the group’s African operations, with the US taking the decision to impose sanctions on a senior Malian politician and two military officials who Washington accusesof helping facilitate Wagner’s operations in the West African country. US sanctions senior Malians Last week the US imposed sanctions on Mali’s defence minister and two military officials, accusing them helping to facilitate Wagner ..read more
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Washington blacklists 14 Iraqi banks for alleged money laundering, fraud and sanctions evasion
ATFCP |Trade Based Financial Crime News
by Mark Ford
8M ago
The US has blacklisted 14 Iraqi banks from conducting dollar transactions, the Wall Street Journal (WSJ) has reported citing US and Iraqi officials. The report said the move followed Washington’s discovery that the banks had engaged in money laundering and fraudulent transactions, potentially with sanctioned entities that could benefit Iran and other sanctioned Middle East countries. Allegations “We have strong reason to suspect that at least some of these laundered funds could end up going to benefit either designated individuals or individuals who could be designated”, the newspaper said, ci ..read more
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