TBML – Financial Treason & Crime

How trade-based money laundering works and its impact on world finances

World Economic Forum , 15 June 2021

Trade-based money laundering and associated tax evasion is big business. Financial losses from these crimes in developing countries totalled $9 trillion between 2008 and 2017. Global trade complexities make tackling this type of money laundering difficult, but not impossible.

Money laundering is big business, so big, that to handle the movement of enormous sums of money, fraudsters are increasingly turning to Trade-Based Money Laundering (TBML). In developing countries, TBML and associated tax evasion contributed to almost $9 trillion in losses between 2008 and 2017. Tackling TBML is complicated by cross-jurisdiction trade, multinational companies, and globalized trade pathways. Continue reading “Article: How trade-based money laundering works and its impact on world finances”

China’s Belt and Road Initiative – considering criminal risk

Clyde & Co LLP, 16 May 2021

The Global Initiative Against Transnational Organized Crime recently published a research report entitled “China’s New Silk Road: Navigating the organized crime risk” examining the convergence of planned infrastructure and trade route development projects as envisioned within China’s Belt and Road Initiative (BRI) and established trafficking routes for criminal activities such as drugs, illicit environmental commodities and people. The paper argues that the economic benefits across Asia and Africa, for example increased trade, employment opportunities and economic growth are likely to be exploited by criminals and suggests that risks of this nature should also receive appropriate levels of consideration.

This should apply not just to the governments and authorities that are seeking to capitalise on BRI but also to the companies that attempt to benefit from the emergence of new markets and trading opportunities. Continue reading “Article: China’s Belt and Road Initiative – considering criminal risk”