TRADE-BASED MONEY LAUNDERING (TBML) AND TAX EVASION CONTRIBUTED TO A NEARLY $9 TRILLION LOSS FOR DEVELOPING COUNTRIES BETWEEN 2008 AND 2017

On 3 March, KYC 360 reported that a new report from the Global Financial Initiative analysed inconsistencies in import and export values between a developing economy and its developed economic partner.  A value gap found has been attributed to trade misinvoicing, which is the deliberate falsification of the price, quantity or other details of a transaction.  It says that Gambia that has the largest gap as a percentage of its total bilateral trade with the 36 advanced economies, at 37.3%, followed by Gabon, Togo, The Maldives and Malawi.  Introducing a law enforcement element to customs’ traditional tax collection role, especially in the less regulated free trade zones, is one of the recommendations made by GFI in the report.

https://www.riskscreen.com/kyc360/news/illicit-finance-hidden-in-trade-numbers-cost-developing-nations-9-trillion-gfi/

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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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