Banks should include all forms of TBML in compliance processes says new NGO
Financial institutions should include all forms of trade-based money laundering (TBML) in their standard due diligence, record keeping, and financial intelligence reporting according to a new report by a recently formed national security non-governmental organisation (NGO) based in Washington. The report by the International Coalition…
TBML and FTZs allowing IFFs to proliferate across Latin America
Trade-based money laundering (TBML) and free-trade zones (FTZs) are amongst the mechanisms that allow for illicit financial flows (IFFs) to proliferate across Latin America the UK government has said in a recently issued tender. It calls for a study into the various channels used in…
Free-trade zones vulnerable to illicit trade and financial crime says RUSI paper
Free-trade zones (FTZs) can be attractive to criminal groups as well as legitimate businesses according to a paper published by the Royal United Services Institute’s (RUSI’s) Centre for Financial Crime and Security Studies. The paper identifies factors that render FTZs vulnerable to illicit trade and…
FATF concerns about UAE’s free trade zones and multiple company registries
The UAE must take urgent action to effectively stop the criminal financial flows that it attracts according to a new report from the Financial Action Task Force (FATF). In its latest mutual evaluation report on the seven emirates the global money laundering and terrorist financing watchdog…
