The Egmont Group’s IEWG is proud to announce the publication of the joint EG-FATF Trade-Based Money Laundering 2020 Update: Trends and Developments report.
An obstacle to effective identification and disruption of Trade-Based Money Laundering (TBML) is a lack of understanding. To overcome this obstacle, awareness of TBML must be increased, so both the private and public sectors can detect instances of these crimes. Raising the private and public sector’s awareness of TBML crimes is the principal objective of this report.
The joint Egmont Group-Financial Action Task Force report on TBML aims to offer guidance to public authorities on how to address this lack of understanding and other obstacles. The report also offers recommendations for enhancing information exchanges between competent authorities, the use of national risk assessments to improve the knowledge of TBML and public-private cooperation to improve communication with the private sector.
The paper also provides FIUs’ insights on useful sources and techniques for detecting instances of TBML, modus operandi and TBML techniques observed in different jurisdictions and on challenges as well as best practices identified by FIUs.
This report will help FIUs, competent authorities, financial institutions, designated non-financial businesses and professions and others involved in supply chains at regional and global levels which may be affected by TBML and terrorist financing. The TBML report can act as a guide to help these parties work vigilantly to disrupt TBML.
The Egmont Group and the FATF will continue this work by publishing risk indicators to supplement the report. These indicators will be announced on the Egmont Group’s website homepage and social media accounts.
The report can be accessed here: link
