DOJ Intensifies Trade Fraud Crackdown with New Enforcement Unit
Summary The US Department of Justice has created a new Market, Government, and Consumer Fraud Unit (MGCF) by merging its Criminal and Civil Division resources to combat trade fraud and tariff evasion. This consolidation represents a strategic pivot toward targeting sophisticated trade-based financial crimes, particularly in response to increased tariffs on Chinese imports exceeding 50%. […]
Singapore’s $27M Money Laundering Penalties Expose Critical Failures in Banking Safeguards
Summary The Monetary Authority of Singapore (MAS) has levied SGD 27.4 million in civil penalties against nine financial institutions, including major banks Credit Suisse, UOB and UBS, following the discovery of a SGD 3 billion money laundering operation. The case revealed sophisticated laundering methods utilizing corporate structures, precious metals, property, and cryptocurrency, while exposing fundamental […]
US Treasury Sanctions Three Major Mexican Banks in Landmark Cartel Money Laundering Crackdown
Summary The US Treasury Department has imposed sanctions on three prominent Mexican financial institutions – CIBanco, Intercam Banco, and Vector Casa de Bolsa – for allegedly laundering millions in cartel funds and facilitating fentanyl precursor chemical purchases. The sanctions effectively cut off these institutions from the US financial system and target 31 connected individuals, with […]
The 0.01% Problem: When 43 Million Crime Reports Vanish Into Regulatory Silence
Of 43 million suspicious activity reports filed by banks in 2023, exactly 0.01% resulted in criminal convictions—exposing a compliance system that functions more as security theatre than genuine crime prevention. Speaking at the 2025 BAFT Global Annual Meeting an industry panel examined red flags in trade and supply chain finance. Leading experts revealed how traditional […]
FinCEN Analysis: TBML Networks Drive Fentanyl Finance
Summary Trade-based money laundering schemes accounted for just 2% of fentanyl-related suspicious activity reports in 2024, yet represented 42% of the aggregate $1.4 billion in flagged transactions—exposing how sophisticated criminal networks exploit legitimate commerce to move cartel profits. FinCEN’s analysis of 1,246 Bank Secrecy Act reports reveals Mexican cartels increasingly rely on professional money laundering […]
San Diego’s Human Trafficking Crisis: A Major US Trafficking Hub Exposed
Summary FBI data reveals San Diego as one of just 13 major human trafficking hotspots in the United States, highlighting the region’s critical role in this criminal enterprise. The designation of San Diego County, traditionally known for its attractive coastal location and economic opportunities, as a significant trafficking hub demonstrates how criminal networks are exploiting […]
Australia Launches Specialist Police Unit to Combat Trade-Based Money Laundering
Summary Australia has established a new specialist police unit to tackle trade-based money laundering and illicit money flows, particularly targeting criminal syndicates exploiting the financial system. The unit, announced by Home Affairs Minister Clare O’Neil, will focus on investigating complex financial crimes and strengthening Australia’s defenses against sophisticated money laundering schemes. Analysis The creation of […]
US Treasury Alerts Banks to Rising Trade-Based Money Laundering Threats
Summary The US Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a formal alert warning financial institutions about the growing sophistication of trade-based money laundering schemes. The alert highlights how criminals are exploiting legitimate trade transactions and documentation to move illicit funds across borders, with particular focus on the misuse of letters of credit and […]
FATF Report on Trade-Based Money Laundering Trends and Developments
Summary This FATF analysis highlights how criminal organizations increasingly exploit international trade systems to move and launder illicit funds. The report outlines emerging typologies and red flags in trade-based money laundering (TBML), including complex corporate structures, trade mispricing, and the abuse of free trade zones. Analysis The scale and sophistication of modern TBML operations pose […]