India: Cryptocurrency Ban in the Works
The Government of India plans to propose a ban on every form of cryptocurrency transaction in the country. Despite the increase in cryptocurrency trading in India, once passed, the bill will make India one of the major economies to criminalize any form of possession, purchase, mining, sale, trading of cryptocurrency. The aim of the bill […]
Call for Papers: National Tax Association Conference
The National Tax Association is calling for papers for the 114th Annual Conference on Taxation, themed: “Improving the U.S. Safety Net”. See Call for Paper below: We hope this finds you well. We are writing to you as we will be organizing the sessions on Public Finance in Developing Countries at this year’s National Tax […]
Nigeria: Federal Government to Establish A New Anti-Corruption Agency
In a bid to better manage and improve the accountability of proceeds of crime in the country, the Ministry of Justice is seeking to establish a new anti-corruption agency, known as the Proceeds of Crime Recovery and Management Agency (PCRMA). According to the Minister of Justice, Abubakar Malami, the country has for the past few […]
Joint EG-FATF Trade-Based Money Laundering Risk Indicators
The Financial Action Task Force, in collaboration with Egmont Group has published a list of Trade-Based Money Laundering (TBML) risk indicators. The purpose of the report is to enable individuals in public and private sectors overcome the challenges inherent in identifying trade-based money laundering. Some of the risk indicators suggestive of criminals laundering money through […]
Africa: Nigeria Becomes Global Hub for Ivory and Pangolin Scale Trafficking
According to research conducted by National Geographic, pangolin scales have no verifiable medicinal values. However, this does not stop the illegal trafficking of pangolin scales that run into hundreds of tonnes from the coasts of Nigeria in West Africa into Asia. Still demand drives supply, and demand for ivory and pangolin scales seems to be […]
The Central Bank of Nigeria Places a Ban on Cryptocurrencies
In an attempt to curb illicit financial transactions in the country, the Central Bank of Nigeria, on 5 February 2021, issued a directive prohibiting the trading of cryptocurrencies. This directive referenced a January 2017 circular sent out to the country’s financial institutions cautioning them on the risks associated with cryptocurrency transactions. The CBN stated that […]
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), […]