The US’ Trade Transparency Unit (TTU) says it is actively engaging with several new countries to expand its international network of TTUs.

Housed within the Immigration and Customs Enforcement (ICE) National Targeting Centre, the US’ TTU already provides critical exchange of trade data with numerous countries.

TBML focus

The TTU has information sharing agreements with 14 countries to facilitate the identification of transnational criminal organisations utilising trade-based money laundering (TBML) schemes.

The agreements also provide for the repatriation of proceeds generated from illegal activities, including drug and human smuggling, customs fraud, and intellectual property rights violations.

The TTU methodology, which provides US law enforcement and international partners with subject matter expertise, training, and investigative tools to combat TBML and third-party money launderers, is internationally recognised as best practice to address TBML.

Expanding network

ICE currently has a network of operational TTUs that includes Argentina, Australia, Brazil, Chile, Colombia, Dominican Republic, Ecuador, France, Guatemala, Mexico, Panama, Paraguay, Peru, Philippines, UK, and Uruguay.

The US’ TTU now says it is actively engaged with several countries in Asia and Southeast Asia regarding discussions to establish new TTUs.

Categories: Trade Based Financial crimes News