Posts Tagged ‘trade-based money laundering’

We heard from Steven Beck, Head of Trade Finance at the Asian Development Bank, giving his musings on 2019, a year of uncertainty in trade, and what 2020 might bring for trade and supply chain in Asia.

Events such as Brexit, the US-China trade war, political unrest between China and Hong Kong dominated the headlines in 2019, have all had significant implications on global trade. However, it has not all been bad news – with increased levels of cooperation and technological innovation, the outlook for trade/finance moving into 2020 could be promising.

Trade Finance Global, in partnership with Finastra, sat down with 6 global experts in trade to get a low down of 2019, the key themes and trends, as well as what’s been at the front of mind for practitioners in trade, receivables and supply chain finance.

With trade and economic sanctions becoming an ever more popular tool of foreign policy in today’s uncertain geopolitical climate, AML, screening and anti-fraud obligations are increasing in scope and complexity. At the same time, the growth in international cross-border trade to around $16 trillion per annum creates an environment that’s ripe for abuse for those wanting to launder money or finance terrorism or criminal activities through the guise of legitimate trade.

Anti-money laundering is the process of financial institutions and other business entities using in-house (sometimes assisted by external parties – more on this to come) methods to address the risks posed by Trade-Based Money Laundering.

The rise in trade-based money laundering (TBML), combined with the enormous regulatory fines and ongoing scrutiny from various government agencies, has created a need for enhanced financial transparency, specifically where… read more →