Are onions and potatoes some of the new ways to launder money? Anna Bradshaw provides some insight on trade-based money laundering to the Financial Times
Tuesday 5 January, 2021
A new report from the Financial Action Task Force has cited an increase in cases where trade-based money laundering has occurred, including the use of everyday items like onions, potatoes and soft fruit. Our own Anna Bradshaw explains that “In most jurisdictions, you may be on the hook if you fail to take steps to resolve anything that strikes you as suspicious. On top of that comes the reputational damage to a business and the lesser-known consequence of potentially being sanctioned by governments or shut out of the financial system”. Full article available here.