US: COUNTERING TRADE-BASED MONEY LAUNDERING IS FOCUS OF NEW WHITE PAPER

On 11 May, Homeland Security Today reported that, calling Trade Based Money Laundering (TBML) a “poorly understood and greatly underappreciated” threat to US National Security, a new Intelligence and National Security (INSA) white paper advocates for the creation of a joint public-private TBML Fusion Center to combat this growing national security threat.  INSA is described as the leading organisation for advancing public-private partnerships to address US national security challenges.  The article says that TBML proceeds are estimated at more than $1 trillion annually and help fund terrorist and transnational organized criminal syndicates; undercut US foreign policy objectives; enable capital flight; and undermine the integrity of product supply chains, harming both legitimate businesses and consumers.  It also says that there is a lack of a formalised information-sharing process between affected industries and government intelligence agencies and law enforcement.  It is said that the paper finds that no mechanism exists for manufacturers to share relevant business intelligence with federal intelligence and law enforcement agencies and concludes that effectively countering TBML requires moving to a more unified, collaborative approach.

https://www.hstoday.us/subject-matter-areas/intelligence/countering-trade-based-money-laundering-is-focus-of-new-insa-white-paper/

The White Paper itself is at –

https://www.insaonline.org/wp-content/uploads/2020/05/INSA_WP_TBML.pdf

 

 

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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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