In May 2018, the Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP) in Singapore published a 37-page paper which aims to provide practical guidance to implement the standards stipulated in Monetary Authority of Singapore (MAS) guidance on Trade Finance and Correspondent Banking published in October 2015 and the Wolfsberg Guidelines. It outlines the leading practices noted in the market around the identification of Trade Based Money Laundering (TBML). In its introduction it says that international trade is an attractive medium for money launderers to transfer large values across borders, owing to its significant volume and value. Trade and trade finance transactions can be exploited for money laundering and terrorist and proliferation financing. As a trade and transportation hub, Singapore is particularly vulnerable to TBML. It says that significant concerns of TBML risks have been highlighted by law enforcement and supervisory authorities, and organisations such as FATF, the Asia/Pacific Group on Money Laundering (APG), the Bankers Association for Finance and Trade (BAFT) and the Wolfsberg Group.