US defence bill orders study and strategy on TBML

The National Defence Authorisation Act 2021 has directed the US treasury department to conduct a study and devise a strategy to deal with trade-based money laundering (TBML).

The study, which will be contracted out to a third-party entity, will include consultations with private sector stakeholders, academic and other international trade experts and US federal agencies.

Study to be published

The study is due to be completed this year after which it will be submitted to Congress for consideration.

All of the findings and determinations in the study will be publicly available.

Confidential strategy

Strategies to counter TBML however will remain confidential and will not be publicly available.

The act has also directed the US treasury department to conduct a study and devise a strategy to deal with money laundering by China (Trade-based Financial Crime, 12 January 2021).



Categories: Trade Based Financial crimes News

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