INTERNATIONAL TRADE AS THE NEW FRONT AGAINST TRANSNATIONAL CRIME

On 19 April, an article from White & Case says that governments worldwide are sharpening their focus on money laundering executed through international trade.  Companies active in international trade, regardless of where they are located, should take notice as their supply chains continue to come under greater scrutiny, as international attention on trade-based money laundering continues to grow.  The article also mentions a corollary process called Trade-based Terrorist Financing (TBTF), which uses the same processes as TBML to finance terrorism, but the value moved can come from both legitimate and illegitimate sources. It is important, it says, to note that the aim of TBML/TBTF is the movement of money, and the movement of goods is the mechanism for obscuring the true origins or purposes of the money.  One of the article’s conclusions is that, while most such companies do not have specific obligations to address TBML/TBTF yet, the expectations on such companies continue to rise, as AML stakeholders understand the value such companies hold to understanding and combatting TBML/TBTF.

https://www.whitecase.com/publications/alert/international-trade-new-front-against-transnational-crime

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page, where contributions start as low as $3, 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

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s