Car parts top list of goods in TBML schemes

Car parts top the list of goods used in trade-based money laundering (TBML) schemes for moving drug money from the US to Latin America according to an assistant special agent at the country’s Drug Enforcement Agency (DEA).

Dante Sorianello says drug dealers are also turning more to TBML to move funds south of the border in response to the introduction of tougher measures on cash transfers.

Legitimising illicit cash

The traffickers favoured mode of TBML according to the agent is to buy products cheaply in the US and send them to a location on the border with Mexico.

Illicitly gained money would be sent to the same location where a transaction selling the goods for a much higher price would take place.

This effectively transfers the illicit cash into the legitimate economy.

Profit margins

Sorianello says products that can command high profit margins are preferred in this TBML typology.

Top of his list of products are vehicle parts, while expensive trainers or sports shoes are also frequently used in TBML operations by drug dealers.

Categories: Trade Based Financial crimes News

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