COLOMBIAN CRIMINALS SWITCH TO TRADE-BASED MONEY LAUNDERING AS FINANCIAL CONTROLS ARE TIGHTENED
August 1st, 2016
OVER the last decade, Colombia has taken significant strides towards establishing a robust anti-money laundering system to detect the billions of dollars of criminal profits that flood its financial system. But one result has been the migration of money laundering networks away from hiding the origins of bank deposits and cash to trade-based money laundering.
Contraband smuggling has been used to launder money in Colombia since the cocaine boom years of the 1980s and early 1990s. However, authorities say the practice skyrocketed towards the end of the last ...
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