Anti-corruption legislation required of countries covered by the largest-ever international trade deal will likely result in a jump in investigatory queries for banks in the United States and Asia, according to analysts. Under terms published this month, the United States, Japan and other signatories to the Trans-Pacific Partnership (TPP) free trade agreement must outlaw the promise or payment of bribes by international firms to domestic and foreign government officials tasked with awarding bids or otherwise supervising international trade and investment activities. "TPP contains the strongest disciplines on transparency and anticorruption of any U.S. trade agreement," the Office of the U.S....
A long-negotiated economic treaty finalized Monday will require global banks to review billions of dollars in subsequent trade transactions for potential links to financial crimes, according to analysts.
Ongoing efforts by European Union's Parliament to crack down on financial crime and tax evasion will be complicated by free trade agreements with Latin American nations, according to Jurgen Klute, an EU lawmaker.
Three recently adopted international treaties drafted to foster trade between the Americas and Europe will also make it easier for financial criminals to launder money, say attorneys and former investigators.
Criminals are exploiting inadequate safeguards in free trade zones to launder money, evade taxes and illegally ship material used to build weapons of mass destruction, according to an intergovernmental group.