Governments
and Regulators across nations are identifying the threat caused by TBML as it
covers a broad range of financial and other services. In
order to limit this proliferation in crime the various government
agencies have already initiated the ongoing scrutiny combined with massive
regulatory fines which created a necessity for improved financial transparency.

FATF’s proposals
to disseminate information, share intelligence more widely and develop new
databases, units and taskforces to analyze data may provide an enhanced
response to TBML.

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The U.S.
Department of Homeland Security (DHS), through its Immigration and Customs
Enforcement’s Homeland Security Investigations (ICE/HSI) unit, maintains a
Trade Transparency Unit (TTU).

The TTUs examine
trade anomalies and financial irregularities associated with TBML, customs
fraud, contraband smuggling, and tax evasion. This report discusses the scope
of the TBML problem and analyzes selected U.S. government policy responses to address
TBML.

 

TBML is also becoming an increasingly great concern
for the countries that are heavily dependent on trade for continued economic growth.
The
Singaporean government seized US$180mn in assets linked to 1MDB in a money
laundering investigation and it shut down BSI Bank of Switzerland because of
“gross misconduct” pertaining to 1MDB. The Monetary Authority of Singapore
(MAS) has launched a dedicated unit to fight money laundering in the wake of
the 1MDB scandal.

 

In the view of TBML both Singapore’s Monetary
Authority of Singapore (MAS) and Hong Kong’s Hong Kong Monetary Authority (HKMA)
are strengthening their enforcement measures for the financial industry to
enhance transparency around the risk-based approach to market supervision for combating
money laundering and to strengthen enforcement.

 

A cross-border blockchain solution for trade finance
between Hong Kong and Singapore is to go live in early-2019, according to the
Monetary Authority of Singapore (MAS) which allows
governments to combat crime as a whole, instead of market by market.

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