Illegal gold trade in Ecuador vulnerable to money laundering says new report
The illegal gold trade in Ecuador is growing and increasingly accelerated by illicit cross-border contraband flows and unique vulnerabilities to money laundering activity according to a new report by the Organisation of American States Department against Transnational Organised Crime (OAS/DTOC). The report, On the trail…
Master of trade-based money laundering extradited to and charged in US
Alleged financier to embattled Venezuelan President Nicolas Maduro, Alex Saab, has been charged in an indictment with laundering the proceeds of violations of the US’ Foreign Corrupt Practices Act (FCPA) in connection with a scheme to pay bribes to take advantage of Venezuela’s government-controlled exchange…
Trade misinvoicing in Mexico and Colombia under scrutiny
Global Financial Integrity (GFI) has published an analysis of trade misinvoicing in Mexico and Colombia where individuals or entities falsify the quantity, price, and quality of goods to launder money, claim tax incentives, or evade taxes, duties and capital controls. Corruption, lack of political will,…
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…
TCOs “highly favour” TBML operations to manipulate financial institutions and international trade
Transnational Criminal Organisations (TCOs) continue to highly favour trade-based money laundering (TBML) operations to transport and launder illicit proceeds through the manipulation of international trade and financial institutions according to the US Drug Enforcement Administration’s (DEA’s) recently published National Drug Threat Assessment 2020. It says…
Financial exclusion and opaque banking laws help make Colombian gold more attractive than drugs to money launderers
The exclusion of artisanal and small-scale miners from the financial system and Switzerland’s opaque banking laws are amongst the factors making Colombia’s gold sector vulnerable to illicit financial flows (IFFs) according to a new report published by Global Financial Integrity (GFI). Meanwhile gold appears more…
US authorities “bungled” prosecution of Waked’s TBML operations for drug cartels
The US authorities have been criticised in an article published by InsightCrime for their “bungled” and apparently lenient approach to the massive trade-based money laundering (TBML) operations of Nidal Waked. A prominent Panamanian businessman, Waked worked alongside several relatives supporting the financial operations of major…
Coronavirus disrupting TBML flows from US drug sales
Some analysts have suggested that chaos in the illegal narcotics trade’s supply chains and financing operations due to coronavirus pandemic impacts may push drug barons towards trade-based money laundering (TBML) operations (Trade-based Financial Crime, 24 April 2020). But data recently released suggests that the proceeds…
