On 2 February, Global Financial Integrity published this report which analyses the scope and characteristics of global trade-based money laundering (TBML) finds that this illicit activity poses complex problems for law enforcement while also undermining global development.  Indeed, while various estimates put TBML activity in the hundreds of billions, or even trillions of dollars annually, “a comprehensive mapping of known TBML [court] cases worldwide from 2011 to 2021” identified just $60 billion in money laundering, according to the paper.  Highlighting the development impact, the study noted that “when TBML goes unchecked, it has adverse effects on economies and societies as it perpetuates criminal activities …corruption, and tax evasion”.

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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