Europol report focuses on TBML and examines contexts of financial and economic crime
A comprehensive report published by Europol describes how trade-based money laundering (TBML) is used alongside other money laundering typologies by professional money launderers that have established a parallel underground financial system to process transactions and payments away from surveillance mechanisms governing the legal financial system….
RUSI report lays bare ‘paucity of established best practice’ in efforts to curb TBML
The Royal United Services Institute (RUSI) has published a report summarising discussions at a workshop it hosted in June with industry and law enforcement professionals over how to face up to the challenges of trade-based money laundering (TBML). The discussion and the report, Insights Workshop…
US immigration and customs has limited anti-TBML resources and capabilities
US immigration and customs enforcement (ICE) has limited ability to identify and combat commodities imported as part of trade-based money laundering (TBML) schemes according to the inspectorate responsible for conducting audits, investigations, and evaluations to ensure that the agency is operating efficiently and effectively. Specifically,…
Sri Lanka’s customs expands international information exchange network to curb TBML
Sri Lanka’s customs department is entering into partnerships with counterparts in other countries in its bid to curb trade based money laundering (TBML). The department is also seeking international assistance and cooperation to crackdown on gold smuggling, which has increased significantly over recent years.
Uganda’s vulnerabilities to ‘commonly used’ TBML exposed
Trade-based money laundering (TBML) has over recent years become a commonly used method to launder money in Uganda according to a new policy memo published by Washington-based Global Financial Integrity (GFI) and Uganda-based public policy research and advocacy think tank, Advocates Coalition for Development and Environment…
Lingering concerns about TBML in the UAE expressed in new FATF report
While the UAE has improved its risk assessment products and systems for implementing a risk based approach in its efforts to remove itself from the Financial Action Task Force (FATF) grey list, a new follow-up report by the task force on these efforts outlines continuing…
J P Morgan’s invests in digital TBML and sanctions red flag platform Cleareye.ai
J P Morgan has made a strategic investment in California-based artificial intelligence and machine learning platform, Cleareye.ai, a financial technology firm focused on trade finance, the companies have announced. The firm’s ClearTrade Platform helps companies to identify trade-based money laundering (TBML) and sanctions red flags, automates manual…
Financial institutions urged to understand illegal wildlife and timber trafficking and share information with FIUs
It is imperative that financial institutions acquire a thorough understanding of the patterns, transfer typologies and other relevant factors to identify suspicious transactions associated with the illegal wildlife and timber trafficking trades according to a new guide by environmental groups TRAFFIC and WWF. The 86-page…
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…
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…
