The precious metals and stones sector is increasingly under the spotlight regarding ML and TF, particularly gold. Given the fungibility of precious metals, the complexity of their supply chains and the varying levels of oversight worldwide, they continue to be an attractive means to launder money – especially gold, which remains the precious metal of choice for launderers.…

Demand for US tobacco leaf is projected to remain robust, despite increased reluctance to use smoked products (worsened by concerns about respiratory disease prompted by Covid-19) and the ongoing China–US trade war launched by former US President Donald Trump.

Tobacco leaf was one of the Chinese export products hit by punitive US import duties of 25% imposed during 2019, with China responding in kind with additional 10% and 25% duties levied on US exports of tobacco leaf to China.…

While forecasts of a global recession are far from conclusive, the World Bank has in its latest international economy assessment released in September (2022) warned that such a downturn is a real possibility for 2023. (1) The reason is potential government spending tightening to deal with inflation rates not witnessed since the 1990s or earlier: “To stem risks from persistently high inflation, and in a context of limited fiscal space, many countries are withdrawing monetary and fiscal support,” noted the bank.…

Zimbabwe was taken off FATF’s grey list in March, but serious issues still abound claim critics of the move – from corruption to large scale gold smuggling, while a controversial law on NGOs may be misused to go after political opponents, they argue.…

Suspicious transaction reports (STRs) often receive bad press in AML circles, experts claiming they are too expensive, numerous and often containing little value for law enforcement investigations. However, the truth is that STRs are widely used to investigate and prosecute money laundering and associated predicate offences, even if the debate continues over their cost effectiveness.…

After a strategic review of the work of the Financial Action Task Force (FATF), beginning in June 2019, AML/CFT observers were wondering if major change would follow when member states concluded how they would respond following the body’s April (2022) ministerial meeting.…

Cigar sellers are exploring the potential offered by southern Africa’s two Portuguese-speaking countries, Angola and Mozambique, not only as sustainable growth markets, but also as African cigar production centres. Both countries have tobacco production and growing traditions that date back well into the Portuguese colonial times that ended with independence in 1975.…

FATF has agreed reforms to its Recommendation 24 on beneficial ownership, insisting that governments ensure UBO data is henceforth held by a public authority or central beneficial ownership registry. The changes agreed by FATF’s plenary last week also insist that competent authorities can rapidly and efficiently access UBO information.…

Sub-Saharan Africa has natural resources that aids the development of renewable energy, it has lots of sun, plentiful wind, and much potentially sustainable biomass. With the development of small-scale affordable renewable energy technologies, such systems have been promoted by major aid agencies keen to prevent deforestation and excessive reliance on fossil fuels, that – even where they are plentiful, have not usually led to widespread economic development.

South Africa’s dairy sector has been dealing with a triple whammy of low economic growth, the Covid-19 pandemic, and a spate of unrest in July in parts of the country that caused major damage to retail outlets and the spoilage and wastage of up to 1 million litres of milk.…