Saudi agencies join forces to tackle trade system abuses
Saudi Arabia has announced a memorandum of understanding (MoU) between the country’s Public Prosecution and its General Customs Authority (GCA) to the effect that they will cooperated to detect and prevent money laundering through its trade system. Trade-based money laundering (TBML) is one of three…
Information sought for new project on mitigating the unintended consequences of the FATF standards
The Financial Action Task Force (FATF) is asking for input to inform a newly launched project to study and mitigate the unintended consequences – including de-risking, financial exclusion, suppression of non-profit organisations (NPOs) and threats to human rights – resulting from the incorrect implementation of…
Bangladesh introduces sentences of seven years in jail for invoice misdeclaration
Traders and investors in Bangladesh found guilty of misdeclaration of exports, imports and investments abroad will be sentenced to seven years in prison as the country continues its clampdown on trade-based money laundering (TBML). The move is one of several measures taken by the authorities…
New analysis reveals financial flows and payment mechanisms behind wildlife and forest crime
New analysis published 18 March that claims to expose the financial underbelly of global wildlife crime specifically contemplates the role trade-based money laundering (TBML) and trade-based value exchange plays in the illegal trade in natural resources. The report by TRAFFIC, a non-governmental organisation working globally…
FATF posts video of TBML webinar following landmark publications
The Financial Action Task Force (FATF) has posted a 90 minute video of a webinar it held on 18 March 2021 to discuss the most recent trade-based money laundering trends (TBML) and developments. Underlining what appears to an increasingly sharp focus on TBML by the…
Sharpened focus on illicit trade in natural resources anticipated after UN adopts Kyoto Declaration
Illicit trade in natural resources – including protected flora and fauna as well as illegally harvested and mined commodities such as timber, metals and stones – is likely to come into sharper focus after the UN’s adoption of the Kyoto Declaration on Advancing Crime Prevention,…
FATF and Egmont release Trade-Based Money Laundering: Risk Indicators
The Financial Action Task Force (FATF) and Egmont Group of Financial Intelligence Units have released a new guide for financial institutions and businesses providing a set of trade-based money laundering (TBML) risk indicators for people responsible for compliance, transaction monitoring, investigative analysis, client onboarding and relationship…
Avoid sanctions risks by applying L/C due diligence to open account transactions says Windward
Importers, exporters, and their financial institutions have shifted away from traditional, document-based trade finance instruments over recent years towards non-documentary, open account settlement through clean wire transfers, which significantly increases sanctions risks according to maritime insight provider Windward.
TBML remains a key concern for US’ transnational crime agency
The US’ Bureau of International Narcotics and Law Enforcement Affairs has published and submitted to Congress its annual International Narcotics Control Strategy Report (INCSR). Volume II contains a country-by-country analysis of money laundering typologies used to transfer the illegal proceeds of drugs around the world…
EBA’s Opinion on the risks of ML/TF affecting the EU’s financial sector
The European Banking Authority (EBA) has published its biennial Opinion on risks of money laundering and terrorist financing (ML/TF) affecting the EU’s financial sector. The Opinion specifically contemplates the exposure of credit providers to trade-based money laundering (TBML), otherwise it identifies and provides a list…
