Bankers say UK exposure to TBML threats will increase post-Brexit
Trade-based money laundering (TBML) empowers criminals to run free post-Brexit is the title of a new report that concludes that the UK’s vulnerability to TBML will increase as it increasingly focuses on trade with developing countries. Based on interviews with senior TBML experts at large…
Art traders likely to become obliged entities in UK’s AML/CFT money laundering act
Art market participants, including freeport operators that store works of art, are likely to become obliged entities in the UK’s key piece of anti-money laundering and counter financing of terrorism (AML/CFT) legislation, the Money Laundering Regulations 2017 (MLRs). The UK has published a consultation paper…
UK follows EU suit to name 21 high-risk countries matching FATF list
The UK has named 21 high-risk countries in the first anti-money laundering and combatting the financing of terrorism (AML/CFT) regulations framed by the country since Brexit when it withdrew from the EU. The new regulations naming the high-risk countries, which mirror the list of countries…
TBML concerns over FTZs if the UK leaves the EU without a deal
Concerns are emerging about the British government’s plans to reintroduce free trade zones (FTZs) if the UK leaves the European Union (EU) without a deal. A ‘no-deal Brexit’ would leave the UK with the task of negotiating a raft of new customs agreements and FTZs…
Customs and intelligence uncertainty in chaotic Brexit an opportunity for money launderers
A chaotic exit of the UK from the European Union (EU) would provide the perfect opportunity for money launderers to take full advantage of uncertainty shrouding customs arrangements and intelligence-sharing agreements according to a specialist in financial crime. Chief Operating Officer of Quantexa, Imam Hoque,…
Increased TBML threat when Britain leaves European Union
Britain leaving the European Union (EU) will heighten the risk of UK firms becoming involved in trade-based money laundering (TBML) according the agency that leads the country’s fight against serious and organised crime. However, the National Crime Agency (NCA) says the impact of Britain leaving…
Latin America to witness more TBML as illicit gold trade flourishes
Trade-based money laundering (TBML) is likely to become more prevalent in Latin America where a criminal boom in 2016 has made sales of illegally mined gold potentially more lucrative than the region’s cocaine trade. There are two drivers of the region’s illicit gold rush: higher…
