Articles under "#Illicit Financial Flows" category

Following the goods: how the Canada Border Services Agency disrupts trade-based illicit financial flows

As global trade volumes continue to grow and supply chains increase in complexity, Customs administrations are confronting threats and risks that extend well beyond traditional revenue, safety, and compliance concerns. Among these is the threat of trade-based illicit financial flows (TB-IFFs) whi...

Customs authorities occupy a critical, unparalleled position at the intersection of goods, documentation, and trade data. Unlike financial or law-enforcement bodies that may see threat actors or transaction...

Fighting money laundering: how Nigeria Customs increased its vigilance and commitment

Fighting illicit financial flows: Brazilian Customs´ approach

The role of Customs has become increasingly complex over the years. On the one hand, international corporations and supply chains actors in general have put pressure on governments to shape a new operating model at the border, based on simplifying procedures and expediting the release of traded g...

In 2014, Global Financial Integrity (GFI)[4], undertook a study in Brazil, producing a report entitled “Brazil: Capital Flight, Illicit Flows, and Macroeconomic Crises, 1960-2012....

Wrap-up of the WCO Conference on Illicit Financial Flows and Trade Mis-Invoicing

Illicit financial flows (IFFs) have been an issue of increasing concern over the past two decades, with many discussions, raising questions on what IFFs include, what we know about them, and how they can be measured.

Estimates of the scale of the phenomenon have played a key role in attrac...

US Trade and Transparency Unit targets global trade-based money laundering schemes

Combating money laundering in all its forms is a top priority for US Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI) arm. ICE, an agency under the Department of Homeland Security (DHS) in the United States (US), is tasked with a broad law enforcement mission, ...

Leaning forward: Singapore leverages digital data to help financial institutions augment trade finance compliance

Banks and financial institutions offer multiple sol...

As part of their money laundering related monitoring and reporting obligations, banks and other financial institutions have to assess whether these trade transactions are leg...

Overview of German Customs’ fight against illicit financial flows

Trade in minerals: Ghana, Liberia and Sierra Leone launch a Customs verification portal

Burkina Faso: the problem of gold smuggling

Although Burkina Faso has long been regarded as a land lacking in natural resources, over the space of just a few years, the country has been transformed into a mining player specializing in the production of gold. Among the reasons for this growth in the country’s extractive industries are the...

The gold exported by the industrial mines is sold to Metalor Technologies International, a Switzerland-based limited company, which specializes in the refining of precious metals. Artisanal miners, individual...