Articles under "#Money laundering" category

Issue: WCO News 94 February 2021

Project TENTACLE: enhancing law enforcement capacity to tackle money laundering and terrorism financing

Project TENTACLE, led by the WCO Secretariat and funded by the U.S. Department of State – Bureau of International Narcotics and Law Enforcement Affairs (DoS INL) -, aims to raise awareness of money laundering activities and schemes in the Customs area, ...

Transnational criminal organizations (TCOs) and terrorist organizations (TOs) perennially exploit Customs nodes for the movement and laundering of illicit money generated by their illegal activities. Customs, as the first line of defense at external borders and inland ports of entry, have a cruci...

Issue: WCO News 85
Combating overvaluation: Malawi’s experience

Trade-based money laundering (TBML) is defined by the Financial Action Task Force (FATF) as the process of disguising the proceeds of crime, and moving the money into the formal economy through the use of trade transactions in an attempt to legitimize its illicit origins. In practice, this can be...

Issue: WCO News 77
US Trade and Transparency Unit targets global trade-based money laundering schemes

Combating money laundering in all its forms is a top priority for US Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI) arm. ICE, an agency under the Department of Homeland Security (DHS) in the United States (US), is tasked with a broad law enforcement mission, ...

Issue: WCO News 86
Overview of German Customs’ fight against illicit financial flows

Monitoring and combating illicit financial flows (IFFs) represent a substantial challenge to all countries. This is particularly true for Germany with its growing significance as a financial centre. This article introduces the German Customs organizational structur...

Organizational structure

Germany’s authorities and, in particular, the German Customs administration, are taking up the challenge: the fight against IFFs that make use of the facilities provided by financial regulations...