The US Drug Enforcement Agency (DEA) is seeking nearly US$3.3 million to support two intelligence research specialists to be assigned to trade-based money laundering (TBML) cases and the acquisition of data exploitation tools and commercially available data sets to provide timely, meaningful, and accurate information to its operatives.
The DEA says that creating these two positions and adopting analytics-driven targeting techniques would have a significant impact on its operations.
Undercover TBML operations
The TBML research specialists would utilise information obtained through DEA’s Attorney General’s Exempted Operation programme – these are essentially authorised undercover operations that the agency says are crucial in helping determine how drug-trafficking organisations move their money.
The DEA says it has the ability to exploit the information on individuals, corporations, and bank accounts, thereby focusing investigations “on the most egregious TBML and third-party money launderers”.
A dedicated team will analyse potentially illicit transactions and follow the money through bank accounts, wire transactions, shell companies, and virtual currency transactions.
The DEA says money-laundering organisations employ extensive financial and money laundering operations that include TBML, laundering bulk cash narcotic sales revenue through legitimate financial institutions and businesses, and layering through multiple transactions.
Categories: Trade Based Financial crimes News