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.
Within the cargo containers lined along American ports and the semi-trailer trucks driven past U.S. border crossings, there is at times more than just goods en route to a profitable sale. Less detectable and often hidden within the paperwork, illicit value is an occasional stowaway.
There has been modest success in a decades-long effort to minimize the exploitation of gold. In many instances, money launderers have successfully transferred illicit proceeds through gold by simply tweaking its reported value in customs documents and other records.
Long considered one of the toughest illicit finance schemes to crack, trade-based money laundering is on the rise in response to stricter regulatory oversight of financial institutions, U.S. investigators said Monday.
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.
U.S. government investigators have become aware of a new subset of money laundering that takes advantage of the international market for professional services, according to a report issued by the U.S. State Department.
Financial institutions providing credit in international transactions should check for suspicious activity pointing to trade-based money laundering, a banking consortium said Thursday.
An intergovernmental agency that sets standards for anti-money laundering and counter-terrorism financing has concluded that soccer and other sports clubs are being used to hide dirty money.
The FATF, in a four-year plan the group adopted April 12, said it will meet with financial institutions and other private businesses at trade group events and consultative forums as it develops policies to battle laundering and terrorist financing threats worldwide.
The Paris-based Financial Action Task Force (FATF) said Thursday that the global financial community should regard transactions involving Iran, Uzbekistan, Pakistan, Turkmenistan, Northern Cyprus and São Tomé and Príncipe as high risks for money laundering.