Purpose This paper aims to provide unique empirical findings exploring the impact of the UK's post-Brexit Economic Strategy to boost trade with developing countries on the UK banking sector's ability to manage trade-based money laundering risks. Design/methodology/approach Exploratory research design ...
Often referred to as “TBML”, trade-based money laundering is a way in which value can be moved across borders by utilizing channels of international trade. John Cassara, former Special Agent in the Department of Treasury’s Office of Terrorism Finance and Financial Intelligence,made an importan...
The subject scope is trade-based money laundering (TBML). Findings: What was found in the course of the work? This will refer to analysis, discussion, or results – The main findings from the analysis are that banks have a greater legal and regulatory responsibility towards detecting and ...
Trade-based money laundering (TBML) isdefinedby the Financial Action Task Force (FATF) as "the process of disguising the proceeds of crime and moving value through the use of trade transactions in an attempt to legitimise their illicit origins". It is a complex operation that can be carried ...
Trade-Based Money Laundering – Trends and Developments This joint FATF-Egmont report aims to help public and private sector with the challenges of detecting trade-based money laundering. Using numerous case studies from around the FATF's Global Network, it explains the ways in which criminals ...
Joe Mont
signed in Seoul, Parth Desai, CEO of Pelican said: “We are excited about the potential for our PelicanSecure Trade Compliance solution in South Korea and delighted to be forming this strategic partnership with CMSoft to help banks tackle the increasing burden of trade-based money laund...
In terms of anti-money laundering, Alibaba.com has set up a trade-based money laundering prevention system based on a merchant management system. This helps Alibaba to identify, monitor and control sanctions and trade-based money laundering risk from three dimensions – people, goods and funds. ...
Despite the vast benefits offered by the international trade and trade finance systems, there are instances when their powers are not used for good, as with trade-based money laundering.
Regulators are increasingly interested in trade-based money laundering and banks are feeling the pressure to stem the flow of illicit funds. Joy Macknight investigates how banks are using emerging technology to improve their effectiveness. byJoy Macknight ...