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IIG Trade Finance Insights Archive/Past Editions

Trade-Based Money Laundering: Know it, Detect it, Prevent it
IIG Trade Finance Insights, February 2018

Trade is fast becoming criminals’ favorite way to launder dirty money, and regulators have caught on to the phenomenon, putting more responsibility than ever on trade financiers’ shoulders to prevent it. Luckily, awareness, training and technology are quickly evolving to help financial institutions tackle this growing threat.

A quick news search is all it takes to realize how prominent trade-based money laundering (TBML) has become in recent years. In January 2018, the U.S. Justice Department appointed a special operations team made of Homeland Security prosecutors and investigators to work on a complex and largely trade-based money laundering scheme providing funding to Hezbollah.

Meanwhile, banks are increasingly in the spotlight when it comes to preventing or facilitating money laundering: Amsterdam Trade Bank, the Dutch subsidiary of Russia’s Alpha Bank, was infamously raided ...

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