Canada legislates to disrupt trade-based financial crime
Canada’s 2023 fall economic statement (FES) issued by the federal government includes several changes to strengthen the country’s anti-money laundering and counter financing of terrorism (AML/CFT) regime. Changes include a proposal to create a trade transparency unit (TTU) under Canada’s border services agency to detect,…
US senators introduce bill to combat cross-border financial crimes
Three US senators have introduced a bill proposing legislation that would establish a Cross-Border Financial Crime Centre within the department of homeland security to coordinate investigations and information sharing related to cross-border financial crimes, particularly those that concern the US border. The Combating Cross-border Financial…
Financial institutions’ exposure to TBML growing sharply says LexisNexis financial crime compliance study
Exposure to trade-based money laundering (TBML) schemes has grown sharply according to financial institutions surveyed in LexisNexis Risk Solutions’ True Cost of Financial Crime Compliance Study, 2023. The study examines how financial institutions navigate the expenses and challenges tied to evolving financial crime compliance requirements.
Hamas relying largely on TBML and cryptocurrency
Palestinian political and militant organisation Hamas relies largely on trade-based money laundering (TBML) and cryptocurrency transactions to move its money around so it cannot be easily tracked, a former FBI counterterrorism intelligence analyst, Matthew Levitt, has told the Business Insider news channel. It is reporting…
Adani denies FT’s claims of inflated coal import prices
An extensive review of customs records by the Financial Times (FT) suggest India’s Adani Group appeared to import billions of dollars of coal at prices well above market value over a two-year period by using several intermediary invoicing agents in a layering exercise typical of trade-based…
Massive TBML scheme revealed in Pakistan’s solar power sector
Investigators in Pakistan have uncovered a massive trade-based money laundering (TBML) scheme involving the mis-invoicing of solar power equipment in one of the country’s largest financial scandals. The TBML scheme was revealed after customs officials audited hundreds of goods declarations submitted by two companies, Bright…
Singapore proposes FTA Act amendments to curb weapons proliferation, environmental crimes and TBML
Singapore has proposed amendments to its Free Trade Zones (FTZ) Act in response to growing concerns that such zones worldwide can be misused for illicit activities such as weapons proliferation, environmental crimes and trade-based money laundering (TBML). The amendments include three measures: a new licensing…
Soaring TBML threatens India’s economy and security
“Trade-based money laundering (TBML) in India soared to a whopping US$674.9 billion for the 10-year period from 2009 to 2018, which reflects the magnitude of illicit trade that has emerged as a major threat to the country’s economy and security,” according to a comprehensive report…
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…
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