November 2018 Newsletter – Trade-Based money laundering
Financial Action Task Force (FATF) defines Trade-Based Money Laundering (TBML) as “the process of disguising the proceeds of crime and moving value through the use of trade transactions in an attempt to legitimise their illicit origin.” Due to the increasing trend towards globalisation, international trade has steadily increased from prior years to over $40 trillion in goods and services worldwide in 2016.
Read MoreOctober 2018 Newsletter – Financial Information Month
Financial Information Month (FIM) is a regional financial, economic, business and entrepreneurial education campaign executed in the Eastern Caribbean Currency Union (ECCU) since 2002, through the collaborative efforts of the Eastern Caribbean Central Bank (ECCB), ECCU member governments, financial and academic institutions, the media, other private and public sector institutions and community-based groups.
Read MoreSeptember 2018 Newsletter – Anti-Bribery and Corruption (ABC)
Bribery and Corruption have long been perceived as major obstacles to socio-economic and international economic relations. The scale of the problem of bribery and corruption is significant at both the corporate and governmental level.
Read MoreAugust 2018 Newsletter – Correspondent Banking
Correspondent banking is the provision of banking services by one bank (the “correspondent bank”) to another bank (the “respondent bank”). Large international banks typically act as correspondents for thousands of other banks around the world.
Read MoreJuly 2018 Newsletter – National Risk Assessment
A National Risk Assessment (NRA) is a comprehensive assessment of money laundering and terrorist financing risks (ML/TF) in a country. An NRA report highlights good governance practices in establishing NRAs and how the results are used to inform public policy and makes concrete recommendations where improvements could still be made.
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