US SENATOR’S WHITE PAPER SUGGESTS DISTRIBUTED LEDGER TO STOP TRADE-BASED MONEY LAUNDERING

On 5th September, American Shipper reported that the white papers says that a public distributed ledger system could help co-ordination between federal agencies and the private sector in combating trade-based money laundering (TBML).  Identifying TBML is not part of the US cargo inspection process, which mainly relies on information provided by party manifests, the white paper states, and there’s no requirement for manifest information and invoice information to match, resulting in a lack of real-time data tracking necessary to combat TBML.  In the paper, the Senator calls for a legislative agenda to counter TBML and disrupt drug trafficking; development of an appropriate US methodology and system to integrate necessary trade and intelligence data; prioritization by federal agencies in combating TBML through interagency and private-sector cooperation; and enhanced collaboration with trading partners to stop TBML.

https://www.freightwaves.com/news/senators-white-paper-suggests-distributed-ledger-to-stop-trade-based-money-laundering

The white paper is at –

https://www.cassidy.senate.gov/imo/media/doc/TBML%20White%20Paper.pdf

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

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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