“Trade-based money laundering (TBML) in India soared to a whopping US$674.9 billion for the 10-year period from 2009 to 2018, which reflects the magnitude of illicit trade that has emerged as a major threat to the country’s economy and security,” according to a comprehensive report by the Federation of Indian Chambers of Commerce & Industry (FICCI).

Hidden Stream: Linkages between Illicit Markets, Financial Flows, Organised Crime, and Terrorism also concludes that, based on UNODC estimates, money laundering in India could amount to US$159 billion, or up to five per cent of GDP.

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