FBI director highlights growing threats of TBML and professional money launderers

Director of the US’ Federal Bureau of Investigation (FBI), Christopher Wray, has highlighted the growing threat of trade-based money laundering (TBML) and the increasingly active role played by professional money launderers (PMLs) in financial crimes.

The FBI chief was talking at the American Bankers Association and American Bar Association Conference about some of the top financial crime threats and trends currently seen by his investigators and what the bureau is doing to counter those threats and stop those trends.

PML networks

Money laundering schemes continue to underpin many of the FBI’s investigations according to Wray.

He says the bureau has identified PML networks that support otherwise unrelated criminal networks, including a mix of international criminal organisations and national security threats.

TBML threat

“We’re also seeing things like trade-based money laundering, which uses trade transactions to disguise criminals’ ill-gotten gains,” Wray told the virtual conference.

He said that to combat these phenomena, the FBI is working with other government agencies, financial institutions, and other private sector partners and engaging with the banking and technology industries to enhance the bureau’s capabilities and exchange information.

Categories: Trade Based Financial crimes News

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