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 ...
PODCAST | Cloaked in trade: Unmasking the underworld of trade-based money laundering Channing Mavrellis 25 May 2023 10 min read Videos Articles Addressing the container deposit problem to promote intra-African trade Morgan Lépinoy 23 May 2023 4 min read Articles Commodity Trading From foo...
money launderingsex trafficking victimsThe lack of data on the economic value-added of sex trafficking is largely explained by the fact that trafficking for sexual exploitation is usually part of the non-observed economy. In fact, the very notion of economic "value-added" may seem inappropriate ...
9) Money laundering and conflict gold: banks face tough questions over Dubai trade In this long read, GTR revealed that the UAE is facing growing international pressure over its attitude towards illicit financial activity, with details emerging of the trade-based money laundering risks in Dubai’s...
It is difficult to avoid the conclusion that decisions are based on previously held, pro-Brexit positions, rather than the product of stakeholder consultation. Moreover, the government has since stated that it would not consult on the Future Economic Partnership (FEP) with the EU even though ...
The Central Bank digital equivalent of fiat currency supported by the government is called Central Bank digital currency (CBDC). This type of digital currency is promulgated by the “central bank of any country”, which is associated with the national...
This has the potential to reduce the complexity of a series of correspondent banking networks, improving transparency, cost, and timeliness. As this use case develops, it is critical that market participants implement all anti-money laundering and relevant consumer safeguards. ...
Money laundering and terrorist financing are a continuing threat to banks/ financial institutions (‘FI’) globally and national security. Money laundering is the processing of criminal proceeds to disguise their illegal origin in order to legitimize the ill-gotten gains of crime. The processes typic...
Toronto-Dominion Bank is working through a US Department of Justice probe related to its compliance with anti-money-laundering rules, the head of the lender’s US retail division said Wednesday. “We believe that’s a manageable item and, in the fullness of time, we will be able to resolve...
Based on seizures most illegal traders turned out to be Russian, French and Polishbusinessmen, while a remarkable number offacilitators(civil servants, lorry drivers and food merchants) are also involved in the illegal trade. A middleman in Moscow explained that it is useful “to have connections...