On 27 February, Global Trade Magazine reported that a $30 million revolving trade finance facility awarded by the African Export-Import Bank (Afreximbank) to South Sudanese company Trinity Energy has drawn scrutiny after its implementation raised a host of red flags for trade-based money laundering (TBML) and bribery.  This followed a 3-year investigation into the deal by corruption-tracking organisation The Sentry.  The arrangement was intended to address South Sudan’s lack of refining capacity and pump US dollars into the country’s depleted reserves of hard currency.  However, a report voices concerns over indications of illegal activity stemming from the way the deal was implemented and calls on Afreximbank, along with the other parties involved, to investigate its dealings with Trinity Energy and the South Sudanese government.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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