On 8 November, Global Financial Integrity reported that a recent study of 186 countries found that China was the largest export destination for 33 countries and the largest source of imports for 65 countries. A new report highlights the implications of China’s BRI on trade-based money laundering (TBML) and illicit supply chains. The report recommendations include that –
- countries to incorporate free trade zones (FTZ) into their AML regime and that adequate illicit financial flows (IFF) risk assessments are conducted of FTZ, including separate reporting of goods/commodities moving in and out of them;
- implementing beneficial ownership registries across the financial, transport, and trade system;
- that aggregated and disaggregated trade records are made available as open-source information or at a nominal cost – improved pathways for the cross-border sharing of trade information on a real-time basis is critical for flagging IFF risks; and
- that businesses undertake better and more specific, actor-oriented due diligence to understand the issues related to corruption, ethics, and transparency among partners in the supply chain
https://gfintegrity.org/report/everything-everywhere-all-at-once/
https://www.buymeacoffee.com/KoIvM842y
raytodd.blog 