Australia focusing even more on TBML with new multi-agency taskforce
The Australian Federal Police (AFP) is launching a multi-agency taskforce to target criminals who are laundering tens of millions of dollars in Australia every day to bankroll lavish lifestyles and further crime. Taskforce Avarus will target criminal syndicates involved in, amongst other things, trade-based money…
Stolen chicken-wings may be linked to organised IVTS and TBML schemes
The alleged theft of US$1.5 million of chicken wings by a former director of food services of a school district in Chicago may be linked to a major money laundering ring that was apparently disabled four years ago. Vera Liddell is alleged to have stolen…
TBML, bribery and tax evasion red flags revealed in Afreximbank deal
An investigation into a US$30 million loan to South Sudanese oil marketing company, Trinity Energy, claims to have revealed red flags concerning trade-based money laundering (TBML), bribery and tax evasion. The loan from the African Export-Import Bank (Afreximbank) was backed by senior government officials and…
Egyptian manufacturers turning to TBML in currency crisis
A lack of foreign currency and tough banking requirements may have caused Egyptian manufacturers to engage in trade-based money laundering (TBML), smuggling and illegal trade activity to stay afloat, manufacturers and analysts have reportedly told Middle East Eye. While its analysis focuses solely on Egypt,…
Global TBML scope and characteristics analysed in new paper
A new paper analysing the scope and characteristics of global trade-based money laundering (TBML) has been published. The paper, Trade-Based Money Laundering: A Global Challenge, was co-authored by Global Financial Integrity, Fedesarrollo, Transparency International Kenya and Advocates Coalition for Development and Environment and draws on the…
US Congress urged to strengthen battle against organised crime, illicit trade and TBML
A bipartisan group of eight republican and democratic US senators has introduced a resolution urging Congress to take steps to more effectively combat international criminal organisations, illicit trade, and the use of trade-based money laundering (TBML). While the main driver for US policy has been…
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…
Austrac publishes prevention of TBML guidance targeted at trade finance providers
Australia’s government agency for detecting, deterring and disrupting financial crime has published guidance providing indicators and behaviours to help financial service providers – particularly those engaged in trade financing – to detect and report suspicious financial activity. The guidance by the Australian Transaction Reports and Analysis…
Bangladesh Bank suspends L/Cs to counter TBML and preserve foreign exchange
Bangladesh Bank has suspended 100 letters of credit (L/Cs) for over-invoicing, according to the central bank’s governor, Abdur Rouf Talukder. The suspensions are part of the bank’s efforts to prevent trade-based money-laundering (TBML) via mis-invoicing and preserve foreign exchange reserves the governor says.
