Since Russia attacked Ukrain, whole world has suddenly became curious about Russia, its financials, its trades and international relations. They are blocked by USA and are sanctioned. Hence, it is a wild guess that they might be indulging into Trade laundering activities to justify their needs.
Trade Based Money Laundering is regarded as inherent and complex. The world of trade, especially international trade is indeed vast- which can make it quite hard to keep of sometimes. With shipments passing through multiple countries, with extensive goods on hand, it is very easy for money launderers to take advantage of the situation and carry out their operations in plain sight.
This method of Money Laundering is called Trade Based Money Laundering (TBML), and is in fact the most commonly used method of Money Laundering in the world- however, it is also the least detectable. The presence of legitimate trade from one country to another provides Money Launderers with the perfect cover to transfer illegally obtained money across borders, and convert it to in the process.
UnderstandingTrade Based Money Laundering in Russia
So, how exactly are criminals able to force their way into the intricate system that is International trade, and use it for their own gains? There are a few means by which they can do so-
Manipulation of invoices- Traders may purposely provide wrongly calculated invoices to the buyer. For example, an exporter may provide an invoice with a higher payment requested than the actual value of the goods supplied. Vice versa, if the excess value is to be transferred to the importer, then the exporter provides a bill which decreases the value of the goods from their actual value. In some cases, exporters may also mistakenly bill the same shipment multiple times,
Posted from my blog with Exxp
Yes there is a sudden rise in the interest related to Russian activities across the world. Every one is getting curious as to how would they sustain after the sanctions from USA.
Interestingly Russia is emerging as a strong ally for many in Europe. France and Israel top bosses met with the Russian Top boss and have expressed their support it seems.
Yay! 🤗
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