Sinaloa cartel’s ‘legitimate businesses’ play significant roles in drug trafficking and trade-based financial crime
The US treasury department, through its Office of Foreign Assets Control (OFAC), has provided insightful details on how members of Mexico’s Sinaloa cartel frequently utilise the proceeds of international drug trafficking to establish apparently legitimate businesses. Apart from the initial investment of illicit proceeds, these…
US announces major partnership with Amazon basin countries to combat nature crimes
A major partnership to combat nature crimes with the Amazon basin countries of Brazil, Colombia, Ecuador, Guyana, Peru, and Suriname and the US has been announced by treasury secretary Janet Yellen at a roundtable in the Brazilian city of Belém, the gateway to the Amazon….
TBML evolving to utilise digital assets in multinational fentanyl trade
Trade-based money laundering (TBML) has evolved from suitcases stuffed with mobile phones to digital assets moved via small, portable data storage and communications devices, according to the assistant director of field operations at the newly created US’ Centre for Intelligence, Targeting, and Enforcement (CITE), Michael…
Specialised money laundering service providers amongst the ‘most threatening criminal networks’ says Europol
Europe’s most threatening criminal networks include a small number of specialised criminal service-providers, that use a variety of money laundering techniques, including trade-based money laundering (TBML) according to a new report by Europol. These networks are only involved in the provision of money laundering services…
FinCEN’s focus on fentanyl highlights TBML concerns
Andrea Gakki, the director of the US Financial Crimes Enforcement Network (FinCEN), earlier this month highlighted the agency’s focus on the country’s fentanyl crisis to the US house of representatives’ committee on financial services. The trade in fentanyl and other opioids in the US is…
Former mayoral candidate sanctioned by OFAC for operating TBML scheme for Mexican drug cartel
The US treasury department’s Office of Foreign Assets Control (OFAC) has designated a former candidate for mayor of the Mexican municipality of Vega de Alatorre in 2017, Mary Cruz Rodriguez Aguirre, for allegedly running a trade-based money laundering (TBML) operation for the Jalisco New Generation…
Italian and Spanish police arrest 33 suspects in globally active TBML network
Authorities in Italy and Spain have arrested 33 suspects in a coordinated action against a globally active money laundering criminal network according to the EU police agency, Europol. It says those arrested allegedly laundered drug profits generated in Europe, by offering the service of trade-based…
Chinese pastor’s US arrest order linked to TBML scheme
A US judge has ordered the arrest of a Chinese pastor suspected of being part of a trade-based money laundering (TBML) scheme connected to China, according to a Newsweek report. JianGang ‘Frank’ Lan pastored a church in North Carolina, where agents seized counterfeit Cartier bracelets…
Bipartisan group of senators calls on Biden administration to combat illicit trade and TBML
A bipartisan group of US Senators has introduced Senate Resolution 610 urging the Biden administration to combat illicit trade and the use of trade-based money laundering (TBML). The resolution sponsored by five republican and four democratic senators includes steps the president can take to address…
Analyse “long-concealed SWIFT data” to sanction Russian oligarchs says TJN
Analysis of “long-concealed SWIFT data” to detect where money has been rerouted to should be used in efforts by newly established task forces to sanction Russian oligarchs and companies according to the Tax Justice Network (TJN). It says efforts to sanction Russian entities have immediately…
