FATF adopts new TBML report

The Financial Action Task Force (FATF) has adopted a new report on trade-based money laundering (TBML), which it says it will publish in the near-future.

The report provides an update on new trends and developments since the previous work of the FATF Global Network on this topic from 2006-2012.

Report aims

The new report aims to assist both the public and private sectors better identify and disrupt TBML activity using a risk-based approach.

The report will also serve as a practical tool for governments to develop specific measures and practices to overcome the numerous challenges associated with pursing this complex form of money laundering.

Previous publications

In 2006 FATF released a report entitled Trade-Based Money Laundering in which it identified the major methods used by criminal organisations and terrorist financers to move money for the purpose of disguising its origins and integrating it into the formal economy.

The Asia/Pacific Group (APG) Typologies Report on Trade-Based Money Laundering published in 2012 aimed to update and extend the earlier FATF study to identify current methods and techniques as well as to consider why so few TBML case investigations or prosecutions have been undertaken since the 2006 report.

The APG report studies the extent and prevalence of TBML and highlights methods, techniques and modus operandi for TBML and identifies red flags to detect and respond to TBML. 

The FATF report entitled Trade-Based Money Laundering can be downloaded here.

The FATF report Asia/Pacific Group (APG) Typologies Report on Trade-Based Money can be downloaded here.

Categories: Trade Based Financial crimes News

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