TRADE-BASED MONEY LAUNDERING: A BIG PICTURE OF THE PROBLEM AND HOW TO SOLVE IT

On 3 August, the US-based Institute of International Banking Law and Practice (IIBLP) produced an article which focuses on trade-based money laundering (TBML) which FATF has defined as “the process of disguising the proceeds of crime and moving value through the use of trade transactions in an attempt to legitimise their illegal origins or finance their activities”.  It explains that, according to FATF, that which distinguishes TBML from other trade-related crimes (e.g. smuggling) is that TBML’s aim is the movement of money rather than goods.  The primary objective of any TBML scheme is the deliberate movement of illicit funds proceeds by exploiting trade transactions.  It considers current recommended mitigation methods for TBML risk and identifies additional TBML resources.

https://iiblp.org/tbml-solutions/

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and 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

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