Expert commentary on Hong Kong’s new TBML guidance
An expert in international financial law has published a commentary broadly supporting the guidance paper on combating trade-based money laundering (TBML) that the Hong Kong Association of Banks (HKAB) recently published (Trade-based Financial Crimes News, 8 February 2016). But senior fellow with the University of…
Task force asks US Treasury to estimate impact of trade-based money laundering
Chairman of the Task Force to Investigate Terrorism Financing, Mike Fitzpatrick, has sent a letter to US Treasury Secretary, Jack Lew, expressing concern with the administration’s policies on combating trade-based money laundering. The congressman also wants the Treasury to find out how much impact this…
US legislators mull anti-TBML measures ahead of ambitious Asia-Pacific trade deal
US lawmakers are focusing strongly on ways to curtail trade-based money laundering (TBML) ahead of a potential vote later this year on President Barak Obama’s ambitious Asia-Pacific agreement. They are specifically contemplating measures that would help federal officials fight TBML and strengthen the Trans-Pacific Partnership…
Trade-based money laundering employed by Hezbollah
The US Drug Enforcement Administration (DEA) says it has uncovered a complex money laundering network operated by Hezbollah that employs, amongst many other systems, trade-based money laundering (TBML). The DEA has said it has engaged in “significant enforcement activity including arrests” with the operations of…
Banks may be involved in Gujarati TBML scam
Indian intelligence agencies have stumbled upon what they say may be a major trade-based money laundering (TBML) scam in the tile-manufacturing hub of Morbi in Gujarat while investigating excise duty evasion by tile makers and traders. The Directorate General of Central Excise Intelligence (DGCEI) has…
Trade-based money laundering widely used in terrorist funding
Trade-based money laundering (TBML) is widely used by radical Wahhabi Islamic schools or colleges, often misleadingly described in the US and elsewhere as madrasas to fund jihadist groups, US lawmakers have been told. Several members of Congress heard evidence from former US intelligence officer and…
Hong Kong publishes Guidance Paper on Combating Trade-based Money Laundering
The Hong Kong Association of Banks (HKAB) has published a paper that aims to be a valuable resource for the island’s banking industry to combat trade-based money laundering (TBML). The Guidance Paper on Combating Trade-based Money Laundering is an industry-led paper, prepared in collaboration with…
10-year jail term for boss of US$100 million trade-based money laundering scheme
A court in the US state of Texas has handed down a 121 month jail term to a former El Paso shoe business owner. Jose Luis Rodriquez owned El Paso-based ERENE Inc, a business that was central to a US$100 million trade-based money laundering scheme….
Bangladesh actively monitoring trade misinvoincing
Bangladesh is actively monitoring a dozen firms for money laundering using trade misinvoicing according to a senior customs official. The National Board of Revenue (NBR) reckons around US$29.5 million of money has been laundered just by these firms. TBML focus Director general of the Customs…
Increased US sanctions on Hezballah focus on financial institutions and trade-based money laundering
The US has increased sanctions on Hezbollah, which has been officially designated a terrorist organisation by Washington. In implementing the sanctions, President Barack Obama’s administration has been specifically called upon to report to the US Congress on financial institutions worldwide that deal with Hezbollah and…
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