On Combating Financial Crime in a Pandemic: An Interview with Ross Delston
In this interview, Ross Delston, renowned legal expert with over 40 years’ experience in banking and over 20 years in anti-money laundering and counter-terrorist financing (AML/CFT) speaks to the Global South Dialogue on Economic Crime (GSDEC) about addressing financial crime in a pandemic, with a special focus on trade-based money laundering. GSDEC: What […]
India: The Finance Act, 2019 amends the Prevention of Money Laundering Act, 2002 (PLMA).
The Finance Act, 2019 has introduced significant amendments to the Prevention of Money Laundering Act (PLMA), 2002. Through the amendments, the government addresses ambiguities and loopholes in the anti-money laundering law. These include widening the scope of ‘proceeds of crime’ to include properties and assets created, derived or obtained through any criminal activity related to […]
Nigeria’s President sends “Proceeds of Crime Recovery and Management Bill” to House of Representatives.
On 16 September 2020, the Nigerian Federal Ministry of Justice presented a memo at the Federal Executive Council (FEC) meeting focused on introducing a legal and institutional framework for managing assets that constitute proceeds of crime, through the Proceeds of Crime Recovery and Management Bill (hereinafter, “the bill”). The memo presentation by the Attorney General […]
Trade-Based Money Laundering: Trends and Developments
Trade remains weakly regulated for money laundering in-spite of widespread evidence of its vulnerability and use. Trade-based money laundering (TBML) trailed the pandemic, with numerous counterfeit COVID-19 equipment being sold, alongside fraudulent transactions, phantom shipping of goods and misinvoicing. To ensure long-term guidance, the FATF, in partnership with the Egmont Group of Financial Intelligence Units (Egmont Group), […]