Financial institutions should include all forms of trade-based money laundering (TBML) in their standard due diligence, record keeping, and financial intelligence reporting according to a new report by a recently formed national security non-governmental organisation (NGO) based in Washington.

The report by the International Coalition Against Illicit Economies (ICAIE), which focuses particularly on the use and abuse of free trade zones (FTZs), financial havens and TBML in the Americas, says public-private partnerships can be a powerful tool to counter illicit trade and trade-based financial crime.

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