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FATF Issues Best Practices Report for Detecting Trade-Based Money Laundering
By Matt Squire
printCountries need to establish training programs to help bank regulators and others detect trade-based money laundering, according to a report issued Tuesday by an intergovernmental organization that combats money laundering. The Paris-based Financial Action Task Force said in the report that the abuse of the trade system is "one of the main methods" used by criminals and terrorists to disguise and move money. Criminals disguise illicit funds through trade by incorrectly invoicing shipments, falsely describing goods and over- and under-shipping products. Because trade-based laundering is difficult to detect, law enforcement agents, investigative and trade authorities, tax investigators, financial intelligence units,...
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