Goods gone bad: Addressing money-laundering risk in the trade finance systemVikas Agarwal
Trade is critical in advancing economies, including those in the MENA region. At the same time, trade finance presents unique opportunities for criminal exploitation, also referred to as Trade Based Financial Crime (TBFC).
As of today, trade-finance is a top three money laundering methodology globally. Recent enforcement actions have links to AML control failings where trade-based money laundering (TBML) deficiencies had a prominent role. Due to manual processes and the high volume of paperwork entailed, TBML has ...
Trade finance is at a crossroads, with digital transformation offering a pathway to enhanced efficiency, compliance, and sustainability. The ClearTrade® platform exemplifies how advanced technology can address the industry’s most pressing challenges, from digitising trade documents to automating comp...
In this feature, GTR revealed the details of several accusations made against oil traders in Singapore, and explains why banks are, in some cases, withdrawing from commodity and trade finance, and taking a more risk-averse approach. 8) AfCFTA secretary general talks trade: “We have been the...
In 2017, TFP supported 4.5 billion U.S. dollars in trade through 3,505 transactions. Its financial support is complemented by regular workshops and seminars to increase knowledge and expertise in trade finance products, anti-money laundering, and risk management....
risk assessmentglobal banking sectorPurpose: What are the reason(s) for writing the paper and the aims of the research? – This article provides a detailed overview of the risks associated with trade-based money laundering and in particular the use of free trade zones. The purpose of the ...
By digitizing trade finance controls, banks improve credit and financial crime risk management, and unlock revenue opportunities for SMEs and themselves. Trade-based money laundering (TBML) is the process of legitimizing illicit proceeds through the use of trade transactions. With the growth of world...
Why banks should transform trade finance controls By digitizing trade finance controls, banks can better address money laundering and help SMEs seize exciting business opportunities. Read more. 11 Jan 2022 Patrick Craig +1 How technology is reducing trade finance risk and compliance costs EY’s...
While several indicators identified may not appear to have a direct or exclusive connection with TBML, and may be indicative of other forms of money laundering or another illicit activity, they may nonetheless be relevant when trying to identify TBML. Before using the risk indicators, readers are...