US Congress urged to strengthen battle against organised crime, illicit trade and TBML

A bipartisan group of eight republican and democratic US senators has introduced a resolution urging Congress to take steps to more effectively combat international criminal organisations, illicit trade, and the use of trade-based money laundering (TBML).

While the main driver for US policy has been that these criminal activities pose a significant threat to US national security, the steps called for in the resolution contemplate US enforcement agencies focusing more on the international dimensions of these crimes.

Transnational criminal organisations

The resolution recognises that US agencies need to focus on the activities of transnational criminal organisations, including illicit trade and TBML, as well as the illicit economies such organisations operate in.

To provide this focus, the resolution says agencies should better coordinate with international partners to implement their strategies and exhort those partners to strengthen their approaches to combating transnational criminal organisations.

It also calls for a biennial review of strategies to most effectively address illicit economies, illicit trade, and TBML by exploring the use of emerging technologies and other new avenues for interrupting and putting an end to these activities.

 Major money laundering jurisdictions

The US has established trade transparency units (TTUs) with 18 partner countries, including with major drug-producing and transit countries, to facilitate the increased exchange of import-export data to combat TBML.

The resolution is asking the TTU programme to take steps to strengthen its work, including in all 80 of the countries that the authorities have identified as major money laundering jurisdictions.

As well as Latin American and Asian countries central to the drugs trade, the US list of major money laundering jurisdictions includes China, Russia and India as well as the UAE, UK, Italy and the Netherlands.

Further details on the resolution urging Congress to combat international criminal organisations, illicit trade, and the use of TBML can be found here.

A full list of major money laundering jurisdictions is published in the US state department’s International Narcotics Control Strategy Report, Volume II, Money Laundering, which can be found here.


Categories: Trade Based Financial crimes News

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