Banks involved in international trade need to be more alert to illicit trading in the UK’s new freeports
Banks involved in international trade transactions need to be more alert to illicit trading in the UK’s eight new freeports that are due to enter operation in late 2021 according to a new study from the University of Portsmouth.
It highlights the potential for trade-based money laundering (TBML) at freeports and says stronger regulation is needed to prevent them being abused for money-laundering and tax-evasion purposes.
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