The subjective nature of the value of illicitly sourced timber, gemstones and abalone facilitates mis-invoicing, trade-based money laundering and evasion of customs duties, according to a new report by the Global Initiative Against Transnational Organised Crime (GI-TOC).

Formal financial systems meanwhile play a key role by the time these illicitly garnered goods reach their destination markets, where they are co-mingled with legally sourced products and sold on the open market.

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