TRAFFICKING AND MONEY LAUNDERING: STRATEGIES USED BY CRIMINAL GROUPS AND TERRORISTS AND FEDERAL EFFORTS TO COMBAT THEM

On 23 December, a report from the Government Accountability Office reviews how transnational criminal organisations and terrorist groups traffic goods such as illegal drugs, engage in human trafficking, and launder money.  It also looked at the information sharing used to help detect these activities.  It says it found that federal agencies and others have reported that money laundering strategies used by transnational criminal organisations and terrorist groups include sophisticated techniques such as phony trade transactions or purchase and resale of real estate or art – which can involve the services of professional money laundering networks or service providers in legitimate professions, such as complicit lawyers or accountants.  For example, lawyers or accountants can create shell companies (entities with no business operations) to help criminals launder illicit proceeds.  However, it also says that transnational criminal organisations and terrorist groups also continue to smuggle cash in bulk or transmit money electronically across borders.

https://www.gao.gov/products/gao-22-104807

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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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