REPORT DETAILS WAYS HUMAN TRAFFICKERS LAUNDER PROCEEDS

The Wall Street Journal on 2nd August published a short article referring to a report from FATF and the Asia/Pacific Group on Money Laundering that, inter alia, how proceeds from trafficking are being laundered.  FATF cited a statistic from the International Labor Organization (ILO) that found the proceeds generated through human trafficking increased $150 billion in 2017, a fivefold jump from $32 billion the FATF calculated in its 2011 report.  It says that the report suggests ways the risk could be countered –

  • with partnerships between the public sector, private sector, civil society and non-profit organisations to help detect and prevent human trafficking and money laundering; and
  • better co-ordination within government between those combating human trafficking and those combating financial crime to ensure the full range of financial analysis tools are used to help detect human-trafficking networks.

https://blogs.wsj.com/riskandcompliance/2018/08/02/report-details-ways-human-traffickers-launder-proceeds/?mod=djemRiskCompliance

The FATF report is at –

http://www.fatf-gafi.org/publications/methodsandtrends/documents/human-trafficking.html

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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