Counterfeiters moving online and turning to complex TBML schemes to launder proceeds says Europol
The online and offline distribution of fake and substandard goods now relies heavily on the digital domain and criminals trafficking counterfeit food and drink are setting up complex trade-based money laundering (TBML) schemes according to Europol. The EU law enforcement agency’s Intellectual property crime threat assessment…
TBML extensively used to launder proceeds of frauds by Ghana-based criminal enterprise
Trade-based money laundering (TBML) was employed extensively by a Ghana-based criminal enterprise to obscure the origin of the proceeds of a variety of frauds perpetrated in the US, including romance scams targeting the elderly, business email compromise scams, and fraudulently obtained Covid-19 relief loans. The…
Assessing the impact of Covid-19 on trade-based financial crime
In the two years since the first cases of Covid-19 were reported several experts and authorities have endeavoured to establish the impact of the pandemic on trade-based financial crime (TBFC). But while it is relatively easy to establish increased vulnerabilities in the supply chains fractured…
Addressing IFFs one of six challenges in the post Covid-19 era says virtual UN gathering
Addressing illicit financial flows (IFFs) was one of six major financing challenges focused on at a virtual high-level event –Financing for Development in the Era of Covid-19 and Beyond – convened by the UN Secretary-General and the leaders of Canada and Jamaica. The 28 May…
COVID-19-related Money Laundering and Terrorist Financing Risks and Policy Responses
The COVID-19 pandemic has led to unprecedented global challenges, human suffering and economic disruption. It has also led to an increase in COVID-19-related crimes, including fraud, cybercrime, misdirection or exploitation of government funds or international financial assistance, which is creating new sources of proceeds for…
