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In this course, we shall endeavour to describe how illicit financial flows are integrated into the formal financial system in the guise of trade. The course covers in detail the concept of Trade-Based Money Laundering(TBML), Its Procedure and Mechanism with case examples. TBML Typologies, Red Flags and Countermeasures are also discussed at length. Various methods of trade settlement have also been covered. The role and responsibilities of FATF, Policymakers, Law enforcement and bankers, Sanctions imposed by OFAC/EU/UN on various entities and the effectiveness of all these measures are vividly covered. We have concluded with the future outlook and preparedness required on the part of various stakeholders to tackle this growing menace of Trade-Based Money Laundering.
Trade-Based Money Laundering(TBML), in all its diverse forms, is the largest money-laundering methodology across the globe now. It is also the least acknowledged, understood and acted upon laundering methodology.
Inadequate capabilities, skill and resources of banking, customs, tax, and legal authorities to identify and investigate fraudulent transactions are further facilitating TBML.
This course aims to develop a better understanding for the stakeholders on how to identify, mitigate and combat trade base money laundering. The course covers TBML concepts and benefits which can be achieved by implementing customer due diligence such as know your customer procedures and transaction monitoring processes.
In this course, we shall endeavour to describe how illicit financial flows are integrated into the formal financial system in the guise of trade. The course covers in detail the concept of, Its Procedure and Mechanism with case examples. TBML Typologies, Red Flags and Countermeasures are also discussed at length. The role and responsibilities of Financial Action Task Force ( FATF), Policymakers, Law enforcement and bankers, Sanctions imposed by the Office of Foreign asset Control/European Union/United Nations (OFAC/EU/UN) on various entities and effectiveness of all these measures are vividly covered. The course concludes with the. future outlook and preparedness are required on the part of various stakeholders to tackle this growing menace of TBML.
The course is structured in six sections as below:
Section I: Introduction
Subsection 1: About the course
Subsection 2: Brief Objectives
Subsection 3: Relevance
Section II: Illicit Financial Flows
Subsection 1: Stages of Money Laundering
Subsection 2: AML Measures over the years
Subsection 3: Concept of TBML
Subsection 4: Magnitude of the problem
Subsection 5: Emerging Concerns
Section III: Methods of Trade Settlement & Intermediaries
Subsection 1: Open Account Transactions
Subsection 2: Documentary Collections
Subsection 3: Letter of Credit
Subsection 4: Structured Financing Products
Subsection 5: Shell/Front Companies/Intermediaries
Section IV: Typology and Red Flags
Subsection 1: Types of TBML
Subsection 2: Customer Red Flags
Subsection 3: Transaction Red Flags
Subsection 4: Shipment Red Flags
Subsection 5: Payment Red Flags
Section V: Regulatory Framework
Subsection 1: An Overview
Subsection 2: Role of FATF
Subsection 3: OFAC/UN/EU sanctions
Subsection 4: Banker’s Perspective
Section VI: Future Preparedness
Subsection 1: Technology : An enabler or Impediment
Subsection 2: Emerging Trends and Counter Measures
Subsection 3: The way Forward
