An analysis by consultants at Forensic Risk Alliance (FRA) of anti-money laundering (AML) trends and challenges has identified trade-based money laundering (TBML) and the illegal wildlife trade (IWT) as two of the four money laundering typologies that have recently received… Read More ›
Non-fungible tokens (NFTs), the financial securities consisting of digital data stored in a blockchain, can be used in trade-based money laundering (TBML) operations according to Niels Obbink, chief and general director of the Fiscal Information and Investigation Service, the Dutch… Read More ›
Pakistan’s new national single window customs portal, which allows traders to submit and access all relevant documents relating to a trade via a single electronic gateway, is to integrate with its Chinese counterpart after the customs authorities in the two… Read More ›
Sanctions imposed on Russia create incentives for illicit trade schemes and trade-based money laundering (TBML) involving myriad of illicit methods according to an associate professor at the King’s Russia Institute in London. Alexander Kupatadze, who specialises in organised crime and… Read More ›
Trade-based money laundering (TBML) is commonly used by migrant smugglers to disguise their criminal proceeds according to a new report published by the Financial Action Task Force (FATF). The proceeds generated by migrant smuggling are estimated to exceed US$10 billion… Read More ›
Trade-based money laundering (TBML) was employed extensively by a Ghana-based criminal enterprise to obscure the origin of the proceeds of a variety of frauds perpetrated in the US, including romance scams targeting the elderly, business email compromise scams, and fraudulently… Read More ›
New research conducted by RegTech NICE Actimize and Regulation Asia, suggests that countering financial crime could move beyond well-used tools such as suspicious transaction monitoring and sanctions screening and focus on high risk areas, including trade-based financial crime. Other areas… Read More ›
Prosecutors in Saudi Arabia have successfully convicted six people who participated in a trade-based money laundering (TBML) operation involving expatriates and Saudi citizens. The convictions follow moves last year by the authorities to improve to streamline the Kingdom’s tax and… Read More ›