The FTA increases the likelihood of large-scale economic instability, tax evasion and laundering of drug money, according to the report commissioned from the Center for Research on Multinational Corporations of Amsterdam. Jurgen Klute, a German member of the European Parliament, also expressed concerns about the effect on development in Colombia and Peru. Klute also questioned the liberalization of financial markets within the agreement, saying that "it is incredible that, while in the E.U. With India set to become a signatory to the Regional Comprehensive Economic Partnership, a new trade pact with 15 countries including China, experts and civil society organisations in Kerala have stepped up the demand for transparency in trade and tariff negotiations.
The Third World Network has slammed the haste with which parliament debated and approved the Economic Partnership Agreement between Ghana (as a member of ECOWAS) and the European Union.
95 civil society organisations strongly and publicly urge countries negotiating the Regional Comprehensive Economic Partnership to reject ISDS in the agreement. More than 80 participants met on 27-28 July in Kuala Lumpur, Malaysia to take stock of the new generation of mega regional free trade agreements (FTAs) emerging in the region. Intelligent Communication Systems India Limited (ICSIL) is a joint venture of Telecommunications Consultants India Limited, a Government of India enterprise, and Delhi State Industrial and Infrastructure Development Corporation, an undertaking of Delhi government.
For the latest updates on the Peru, Panama and Colombia FTAs, please see the relevant section of our blog, Eyes on Trade. The Colombia FTA remains controversial, thanks to the repressive regime of Colombia President Álvaro Uribe.
As for the Peru FTA, this agreement was passed in late 2007 after an unfortunate May 2007 deal was struck between a handful of House Democrats and the Bush administration. Despite heavy pressure from the Bush administration, the presidents of Ecuador and Bolivia announced that they were not interested in NAFTA-style trade deals. Because of the large territories of bio-diverse Amazon tropical rainforest and long histories of violence and unrest in the Andean countries, the mistaken application of the one-size fits all NAFTA model of trade in the region would likely have devastating consequences.
Incoming Democratic House and and environmental Senate leaders had long been critical of the weak labor rights provisions in the deals.


Learn more about the many problems plaguing the Peru, Panama and Colombia pacts by visiting the issue-areas listed in depth.
You can support the fight for greater government and corporate accountability through a donation to either Public Citizen, Inc., or Public Citizen Foundation, Inc. Public Citizen Foundation focuses on research, public education, and litigation in support of our mission. Tremendous growth in international trade, as well as increased anti-money laundering scrutiny in other types of financial products and transactions have made trade an increasingly attractive venue for moving illicit funds.
As a result, governments and regulators along with law enforcement agencies are now working closely on a global scale to resolve TBML issues which have now become top priorities to eradicate criminal activities and improve the global economy.In this article, we will analyse how TBML patterns can be detected from early through a case study example and also provide best practices guidance on how to address red flag indicators related to Trade Finance. In the normal course of business where importer and exporter are not distinct, unconnected parties, the importer would have refused payment for receipt of poor quality goods or non-receipt of goods. Cooperation between financial institutions, regulators, customs agencies, law enforcement agencies, and tax authorities.
Training trade finance staff to recognise patterns and trends in trade-based money laundering and escalating suspicions to their supervisors, in which case the use of a dedicated platform might be useful.
In summary, it is fair to say that using a collaborative approach between appropriate parties to combat Trade Based Money Laundering activities in the Middle East, would result in a more stable and scalable economy.
Accuity offers comprehensive suite of data, solutions and services that will help your organisation to reduce trade-based money laundering risk, increase operational efficiency and lower cost of AML compliance.
The article was originally published in "Arab British European Banking & Finance Guide 2014-2015" by Arab-British Chamber of Commerce. Rajendra Kumar, IAS officer in Delhi used this company as the vehicle of routing the contracts to Endeavour Systems Private Limited which was floated by the close aides of Kumar. In order to help the different stakeholders to understand the aspects of laundering money, Indiaforensic has started offering the certifications based on different facets of Money Laundering. Some of them are global and some of them are local.Globally, there are several renowned certifications focusing on enriching AML or Compliance related topics and can be very helpful.


Trade Representative, Ron Kirk, has made disappointing statements about wanting to bring the Panama FTA to Congress — making it clear that work cannot stop in the fight to bury the failed NAFTA model once and for all.
Trade based money laundering (TBML) is a complex phenomenon that allows illegal organisations the opportunity to earn, move and store proceeds disguised as legitimate trade. It took over two years and concerted action from regulators in over three countries to untangle the web of trade transactions and front companies that were created by Mr Smith.
In this case, because there was collusion between importer and exporter, money was moved illegally to shell companies that traced their ownership directly or indirectly to Mr Smith.Yet another scheme purportedly used by Mr Smith was the use of the performance bond to claim funds. This could then give birth to a much more attractive trading partnership with the Western World, from a “multi-million” to a “multi-billion” dollar trading relationship.
Non-commercial use of text and images in which Public Citizen holds the copyright is permitted, with attribution, under the terms and conditions of a Creative Commons License. For all external purposes, he was a suave businessman who had built what appeared to be a highly profitable electronic goods trading business over a period of twenty years.
Underground banking, unlicensed money service businesses, hawalas, etc., have all utilised trade to move value as settlement of a debt arising from remittances overseas.
Through his Dubai and Abu-Dhabi based firms-Company X, Company Y and Company Z Mr Smith imported and exported electronic commodities. These entities regularly opened both export and import letters of credit with Middle Eastern banks. He exploited both the import and export sector, through collusion with companies that he is alleged to have controlled.
The UK’s Serious Fraud Office (SFO) investigated two of these London-based companies, S Ltd and F Ltd, which were run by two metal suppliers.



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