SOYBEANS USED IN MONEY LAUNDERING SCAM SAYS WORLD WATCHDOG
July 1st, 2006
BY KEITH NUTHALL
THE SOYBEAN industry is being exploited by international criminals to hide their illicit profits, the Financial Action Task Force (FATF), the world's premier anti-money laundering body, has warned. In its latest 'typologies' report explaining the methods of launderers, FATF has included a case study where an unnamed German company transferred funds to a Brazilian business partner as an advance payment for soybeans. This money was then wired to a third party, and the soybeans were never shipped, with the invoice legitimising the laundered money. ...
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