TRADE-BASED MONEY LAUNDERING IS TOUGH TO CONTROL, BUT AN IMPORTANT VULNERABILITY
September 1st, 2014
Trade–based money laundering (TBML) must be one of the oldest – and in some respects the simplest - forms of money laundering. You simply fake the invoice of a shipment so that the receiver of the goods gets something far more valuable (or possibly far less valuable, so that the ‘profit’ is made by the sender) than the price reported to the authorities. What is surprising is how little attention was paid to this until quite recently. Even as late as 2006 the Financial Action Task Force (FATF), the leading global anti-money laundering (AML) agency, noted ...
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