Day: June 21, 2022

On 21 June, Global Trade Review commented on a report by the International Coalition Against Illicit Economies (ICAIE), an NGO headquartered in Washington DC.  Goods passing through free trade zones are a growing risk in terms of organised criminal activity, including the trafficking of banned goods, money laundering and sanctions evasion, researchers warn.  Of the 3,500 areas in operation today, including free ports and special economic zones (SEZ), nearly a third were established in the last 5 years. 

https://www.gtreview.com/news/americas/growth-of-free-trade-zones-presents-serious-financial-crime-risks-report-finds/

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On 21 June, the Malta Independent commented on the annual report of the Financial Intelligence Analysis Unit (FIAU).  The report highlights the work done to implement the Moneyval recommendations as well as address the 3 main issues highlighted in the FATF grey listing report. 

https://www.independent.com.mt/articles/2022-06-21/local-news/FIAU-issued-fines-totalling-12-4-million-in-2021-notes-courts-overruling-penalties-6736243890

https://fiaumalta.org/press-releases/publication-of-2021-fiau-annual-report/

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On 16 June, the Basel Institute on Governance published the guide which explains the role of national risk assessments in addressing money laundering and terrorist financing risks.  It explains how national risk assessments (NRA) are conducted, challenges in terms of methodology and data availability, and how well countries are doing at performing them.

https://baselgovernance.org/publications/quick-guide-26-national-money-laundering-and-terrorist-financing-risk-assessments

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On 16 June, the Basel Institute on Governance published a paper asking how can governments and the private sector work together better to raise standards of integrity and fair business in specific countries and industries?  It says that the user-friendly guidance document explains 3 ways governments and their anti-corruption agencies can engage with the private sector to prevent corruption. 

https://baselgovernance.org/publications/engaging-private-sector-collective-action-against-corruption

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On 21 June, the Guardian reported that fashion industry has been told it must wean itself off cotton from China’s Xinjiang region, as a new law comes into force giving US border authorities greater powers to block or seize goods linked to forced labour in China – the Uyghur Forced Labor Prevention Act (UFLPA).

https://www.theguardian.com/world/2022/jun/21/us-ban-on-cotton-from-forced-uyghur-labour-comes-into-force

https://www.torrestradelaw.com/posts/Forced-Labor-and-the-Uyghur-Forced-Labor-Prevention-Act/280

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