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Trade based money laundering – where the risks lie

Trade based money laundering – where the risks lie

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Trade based money laundering – where the risks lie - cargo ship in the sea

Despite a significant proportion of international trade being conducted on 'open account’ terms, firms’ trade-based money laundering (TBML) controls typically focus on transactions supported by traditional trade financing, such as Letters of Credit. This is disproportionate and leaves a gap in the industry’s response to TBML.

We believe it is time for a new approach. One that helps to alleviate the cost and growth pressures that have arisen under the current regime (felt by firms and their corporate customers a-like) and instead:

  • recognises how criminals abuse global trade to launder funds; 
  • is proportionate to the risks; and 
  • protects the overall customer experience

Download more information about where the risks lie in

To find out more please contact James Grant who leads KPMG in the UK's trade finance forensic team, or download the full article Trade Based Money Laundering (4 minute read).

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