On 13th March, the Wolfsberg Group, with the support of the International Chamber of Commerce (ICC) and the Bankers Association for Finance and Trade (BAFT), launched a short awareness video focussed on Trade-Based Money Laundering (TBML).  This supplements both the 2009 Wolfsberg Trade Finance Principles and the 2017 publication of a more comprehensive paper on the topic, produced in close collaboration with both the ICC and BAFT.  It says that successful mitigation of TBML requires greater collaboration and information sharing between those other key international trade players in the public and private sectors – including shippers, airlines, truckers, port and customs authorities, businesses and law enforcement agencies.  Working together to create a complete picture of illicit TBML flows and typologies would ensure that more could be done to disrupt criminals.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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