Misinvoicing in Asian Trade Has Doubled Over the Past Decade: Report
Trade misinvoicing is occurring at “massive scale” across Asian supply chains, with discrepancies in reported invoice values reaching a record $1.7 trillion in 2022 across developing Asia.
Banco Master Used Investment Funds and Asset Sales to Hide Its $10bn Fraud
Brazil’s biggest-ever bank fraud case has left the country’s banking system facing a 52 billion-real ($9.9 billion) bill after Banco Master used funds, asset sales, and other maneuvers to hide major balance-sheet problems from investors and regulators.
OFAC Expands Sanctions Waiver on Russia Oil Sales
The U.S. Treasury Department has issued a second temporary authorization allowing buyers to take delivery of Russian oil cargoes already at sea, broadening a waiver granted last week to India alone as Washington seeks to ease pressure on crude prices during the ongoing conflict in Iran.
Hospice Fraud is Growing in LA County Despite Crackdown
Signs of hospice fraud in Los Angeles County are worsening despite a state crackdown, with more than 700 of roughly 1,800 licensed hospices in the county showing multiple warning indicators identified by California auditors.
Tariffs and Complex Rules are Driving Demand for Trade-Compliance Experts
Businesses attempting to navigate the shifting shoals of international tariffs, sanctions, and export controls are increasingly turning to trade-compliance professionals for guidance.
Australian Banks and Businesses Tackle Financial Abuse Together
A newly formed group of businesses and organizations in Australia are set to team up to fight financial abuse as part of a new program that encourages collaboration to address major social and economic ills.
Europe’s AMLA Outlines Risk-Assessment, Supervision Criteria
The EU’s Anti-Money Laundering Authority (AMLA) on Thursday published draft technical standards intended to unify how financial supervisors assess risks and how the supervisory body will select the “most complex” high-risk institutions and groups it will directly oversee.
How a NZ Maritime Insurer Purportedly Helped Provide Cover for Banned Oil Sales
A New Zealand–based marine insurer played a pivotal role in keeping a fleet of tankers carrying Iranian and Russian oil moving to Asian markets despite Western sanctions, according to a Reuters investigation that has prompted scrutiny from authorities in Wellington.
UK Hits Rosneft, Lukoil and 51 Oil Tankers with Sanctions
Britain imposed new sanctions Wednesday on Russia’s two largest oil producers, Rosneft and Lukoil, and 51 ships, including 44 “shadow fleet” tankers and seven LNG vessels, Reuters reported.
How a Secret Chinese Barter Arrangement Helps Iran Skirt U.S. Sanctions
China has quietly built a financial workaround allowing it to keep paying for Iranian oil despite sweeping U.S. sanctions, according to new reporting by The Wall Street Journal.