In April 2019, the regional workshop on “Trade-Based Money Laundering” (TBML) was held in Panama City, Panama. The event was organized by GAFILAT and Crime Stoppers Caribbean, Bermuda and Latin America. According to the Financial Action Task Force (FATF), there are several methods for money laundering, including: i. the use of financial institutions; ii. the physical movement of money from one state to another or from one jurisdiction to another; and iii. the transfer of value through trade. In the latter, TBML is understood as the abuse of the international trading system, in order to transfer value and hide the illicit origin of the money. In these difficult times as a consequence of the impact of COVID19 on the Latin America economies, the Report of this event is a required reading. Illicit trade has impacted the way to do business in Latin America region, and there is a high risk that illicit money penetrates our economies. Moran IP is honored to have contributed to the organization of this workshop.
 |
