US Senate Earmarks $2 million To Combat Trade-Based Money Laundering

On 27 September, Baker McKenzie reported that the Senate Financial Services and General Government Appropriations Committee earmarked $2 million in Trad- Based Money Laundering (TBML) risk assessment funding in the FY 2020 budget.  It would allow FinCEN to analyse the threat TBML poses on national security. TBML encompasses cartels and terrorist organisations’ hijacking international trade networks to transfer funds across international borders. A senator who helped frame the move is quoted as saying that trade-based money laundering is America’s biggest national security threat that almost no one is paying attention to.


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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