BAFT has recently released a new whitepaper titled, Combatting Trade Based Money Laundering (TBML), an update to the original 2017 publication.
The objective of the working group was to re-examine the effectiveness of efforts to combat financial crime, considering efforts undertaken over the last several years, while ensuring commerce through trade continues to flow in an efficient manner.
Key highlights include:
Criminals continue to hide illicit funds by integrating them into normal commercial flows. However, the sheer volume of transactions makes it nearly impossible for banks [alone] to detect, let alone prevent, TBML but…
The group explored ways in which the broader group of stakeholders in international trade have, and will continue to, align resources to help reduce TBML and the financing of terrorist activities using trade.
The group updated some of the misconceptions about the approach to fighting TBML and recommends alternatives that could improve the effectiveness of these costly efforts.
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Note: This white paper is free for BAFT members. Non-members can it download it for USD$100.