L/Cs and document collection can protect against TBML
Letters of credit (L/Cs) and document collection can protect against trade-based money laundering (TBML) according to a research paper written by a professor at the Bangladesh Institute of Bank Management, Shah Md Ahsan Habib. He presented the paper, Safeguarding Trade Transactions and Prevention of Trade…
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…
TBML increasingly prevalent across Europe and beyond says head of Ireland’s fraud squad
Trade-based money laundering (TBML) has recently become more prevalent across Europe according to the head of Ireland’s Garda National Economic Crime Bureau (GNECB), detective chief superintendent, Pat Lordan. Speaking to Irish new channel, The Journal, at the European Anti-Financial Crime Summit in Dublin last week, Lordan…
Tough law enforcement may be fuelling up to US$1.8 trillion annual TBML flows in Europe
Tough law enforcement used by EU countries to tackle easier to detect types of financial crime may be fuelling trade-based money laundering (TBML), according to research published in the journal, Applied Economics. Estimates of Trade Based Money Laundering within the European Union says that criminals are…
TBML used to move funds generated by Caribbean lottery scamming
Trade-based money laundering (TBML) is one of the primary channels used to move the proceeds of fraud perpetrated in the Caribbean, according to a new report by Global Financial Integrity (GFI), the Washington based non-profit focused on illicit financial flows. Financial fraud has a widespread…
China’s belt and road initiative to fuel IFFs and TBML
China’s belt and road initiative (BRI), the massive global infrastructure development strategy aimed at reshaping global trade routes, has improved transport corridors according to a report published by Global Financial Integrity (GFI) and London university’s Kings College. But these improved supply routes are fuelling illicit…
Trade misinvoicing the most pervasive form of Chinese money laundering says GFI
Trade misinvoicing is possibly the most pervasive form of Chinese money laundering according to a new report published by Global Financial Integrity (GFI) which concludes that China plays an extremely impactful role as a source, transit and demand country in many of the most widespread…
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…
Canada’s federal government failing to address TBML says Cullen report
Federal investigative agencies have done little to address trade-based money laundering (TBML) according to the final version of a report commissioned by British Columbia into money laundering following revelations of widespread trade-based financial crime in the Canadian province (Trade-based Financial Crime, 12 June 2019). “This…
TBML top of emerging financial crime risks in Asia-Pacific says LexisNexis
Trade-based money laundering (TBML) has ranked top of the list of emerging financial crime risks in the latest LexisNexis True Cost of Compliance Study – Asia-Pacific Edition. Crimes involving digital payments and cryptocurrency, third parties – including TBML, money mules, professionals lending perceived legitimacy and…
