The Financial Action Task Force (FATF) has posted a 90 minute video of a webinar it held on 18 March 2021 to discuss the most recent trade-based money laundering trends (TBML) and developments.
Underlining what appears to an increasingly sharp focus on TBML by the global money laundering and terrorist financing watchdog, the webinar followed the recent release of two landmark publications by FATF in association with the Egmont Group of Financial Intelligence Units (FIUs).
Moderated by FATF risks trends and methods group co-chair, Marconi Costa Melo, who is also general co-ordinator of the Brazilian financial intelligence unit, the webinar featured experts with various professional backgrounds.
Panellists included co-lead of the FATF/Egmont TBML project, Tamara Pollard-Maijer; senior officer in the Egmont secretariat, Nedko Krumov; the World Customs Organisation’s David Kane; Australian Border Force representative Daniel Strack and Citigroup’s Marcy Forman.
Public and private sector challenges
The panellists presented their experience and discussed challenges that public authorities and private sector face with countering TBML threats.
The webinar was attended by almost two thousand public and private sector representatives, including experts with practical experience tackling TBML such as law enforcement officers, FIU analysts, customs services officers and compliance officers of financial institutions.
In December 2020, the FATF and Egmont published Trade-Based Money Laundering: Trends and Developments, a report on TBML that provides a detailed insight into emerging risks, and outlines a number of best practices for authorities to mitigate this threat (Trade-based Financial Crime, 11 December 2020).
In March 2021, this report was further supplemented with the publication of Trade-Based Money Laundering: Risk Indicators, a list of risk indicators intended to help private sector companies detect TBML (Trade-based Financial Crime, 15 March 2021).
A webcast of FATF’s webinar, Trade-Based Money Laundering, can be found here.
FATF/Egmont’s Trade-Based Money Laundering: Risk Indicators can be found here.
FATF/Egmont’s Trade-Based Money Laundering: Trends and Developments report can be found here.
Categories: Trade Based Financial crimes News