“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.

You need to be logged in to view this article.

If you are an existing subscriber please enter your credentials to log in.

To become a member of The Association of Trade Finance Compliance Professionals (ATFCP) click here!