The integrity of the global trade system and financial industry as well as both regional and global security are under growing threats posed by transnational criminal organisations (TCOs) and terrorist organisations according to the World Customs Organisation (WCO) and the Egmont Group (EG) of Financial Intelligence Units (FIUs).

In a statement issued at the end of a jointly organised conference in Budapest, the two organisations said certain TCOs and terrorist organisations use complex money laundering schemes to launder illicit funds, including trade-based money laundering (TBML).

They also said threats to the global trade system and financial industry could be countered by close cooperation between customs and FIUs at the national level and between the WCO and EG at the international level.

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