Trade-Based Money Laundering Is On The Rise

Law360, New York (January 5, 2015, 10:17 AM EST) -- "The front door of money laundering is the banking system … the government has done a pretty good job of closing the front door, but the back door — international trade — is wide open."[1]

Financial institutions are not the only entities that confront money-laundering risks. Although law enforcement efforts to combat money laundering have focused primarily on the financial system, money laundering poses a threat to nonfinancial businesses as well, particularly those that engage in global trade. Trade-based money laundering ("TBML") is "an important channel of criminal activity,"[2] and with the growth of global trade, TBML has become an attractive...

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