Anti-corruption legislation required of countries covered by the largest-ever international trade deal will likely result in a jump in investigatory queries for banks in the United States and Asia, according to analysts.
Within the cargo containers lined along American ports and the semi-trailer trucks driven past U.S. border crossings, there is at times more than just goods en route to a profitable sale. Less detectable and often hidden within the paperwork, illicit value is an occasional stowaway.
An expected U.N. plan to tackle illicit financial flows and other global problems could make curbing the manipulation of trade invoices an international priority.
U.S. lawmakers Thursday criticized federal officials for delays in finalizing anti-money laundering rules and failing to prosecute banks and bankers that facilitate billions of dollars in illicit transactions.
Switzerland's Federal Council says it may limit cash purchases of property, jewelry and other assets, Iran appeals European Union sanctions imposed in March, and more, in this midweek roundup.
Ongoing efforts by European Union's Parliament to crack down on financial crime and tax evasion will be complicated by free trade agreements with Latin American nations, according to Jurgen Klute, an EU lawmaker.
Faced with raised compliance expectations, many large financial institutions are expanding the types of corporate clients they ask to implement anti-money laundering controls to include import-export businesses, payroll companies and payday lending firms.
Criminals are exploiting inadequate safeguards in free trade zones to launder money, evade taxes and illegally ship material used to build weapons of mass destruction, according to an intergovernmental group.
The U.S. Treasury Department's financial intelligence unit issued guidance Thursday on how to spot and report transactions tied to trade-based money laundering, a type of crime on the rise.
Financial institutions providing credit in international transactions should check for suspicious activity pointing to trade-based money laundering, a banking consortium said Thursday.
FATF's new president talks to reporter Larissa Bernardes about the organization's plans to revisit its 40 + 9 recommendations and address emerging money laundering threats.
Though headlines are focused on the subprime mortgage crisis and recessionary fears, criminals are still finding ways to launder funds, including through trade-based finance , says Elaine Carey, Senior Vice President and National Director of Control Risks, an independent risk consultancy office.
A federal judge's ruling that online auctioneer eBay is not responsible for determining whether items sold on its website are counterfeit is likely to increase online vulnerabilities to money launderers, say analysts.
Countries need to establish training programs to help bank regulators and law enforcement agents detect the growing problem of trade-based money laundering, FATF said in guidance issued Tuesday.
The United Kingdom may turn over trade data to U.S. officials in exchange for access to a U.S. computer system designed to detect trade-based money laundering, according to the British customs service.
Since 2000, organized criminal syndicates and terrorist organizations have "dramatically" increased efforts to counterfeit goods, a crime that can be both highly profitable and difficult to detect, money laundering experts say.
The growth of the online auction industry, which is not subject to anti-money laundering requirements, has translated into opportunity for criminals to launder ill-gotten cash because there are few checks on the legitimacy of online transactions, say AML compliance professionals.
Evidence that high-profile terrorist groups are increasingly seeking to move money for their operations under the guise of legitimate trade has spurred financial experts to push for greater regulation, compliance professionals say.
The Financial Action Task Force, the global anti-money laundering watchdog, may issue a formal recommendation on standards to minimize the use of international trade to help launder money and finance terrorism, a person familiar with the organization says.
Marc Hambach, an assistant director of the Dubai Financial Services Authority and head of its AML department, spoke with reporter Brian Orsak about the process of developing regulations for one of the fast growing financial hubs in the world.