Synopsis:
This module provides a practical introduction to Trade-Based Money Laundering (TBML), a sophisticated method used by criminals to disguise illicit funds through international trade. It explains how TBML operates, highlighting common techniques such as over/under-invoicing, phantom shipments, and mislabelled goods. It also identifies high-risk goods frequently exploited in TBML schemes, including precious metals, electronics, and gemstones.
Real-world case studies, involving global and Singapore-based trading firms, illustrate how businesses and financial institutions can be exposed to significant risks due to weak controls and fraudulent documentation, reinforcing the growing complexity and cross-border nature of these schemes. The lesson emphasizes the importance of robust due diligence, effective screening processes, proper documentation, and ongoing monitoring.
Through this module, participants can learn practical strategies for detecting and mitigating TBML risks while navigating the challenges of an evolving landscape of TBML, driven by digitalization, global trade complexity, and geopolitical shifts.
Competency Mapping:
