Since September 11, , Wiley Rein has expanded our services to include a robust anti-money-laundering practice. We also work with industry groups to develop anti-money-laundering best practices. We have delivered these services to leading companies across multiple industry sectors, including:. John R. Shane
Trade misinvoicing helps fund US$tn in crime each year | Global Trade Review (GTR)
A new, wide-reaching study by Global Financial Integrity GFI shows that in the illegal trade of drugs, art, endangered wildlife, and stolen crude oil and other minerals, TBML is a common way of legitimising the funds obtained. Banks and companies are complicit — often unknowingly — in facilitating these illicit activities. Along with governments and multilateral organisations, these private sector companies should take greater action to make all trade transparent in order to limit this proliferation in crime. Trade misinvoicing is a method of moving money illicitly across borders that involves deliberately misreporting the value of a commercial transaction on an invoice submitted to customs by fraudulently misreporting the quantity, quality, price per unit, type of good, or any other fact that would result in the shipment being over or under-invoiced. It is commonly used to launder money and avoid paying the requisite tax on goods.
Money laundering investigation stymied by China, Italy says
DSI deputy spokesman Woranan Srilum said Panthongtae had turned himself in on Tuesday but was released because no arrest warrant for him had been issued. Panthongtae could now gather evidence for his case, Mr Woranan said, while the DSI must decide whether to take the case to the criminal court. The younger Shinawatra was not available for comment. He had complained this month of victimisation and called for the dropping of the money-laundering investigation.
Home Issues Trade Misinvoicing. Trade misinvoicing is the largest component of illicit financial outflows measured by Global Financial Integrity:. By fraudulently manipulating the price, quantity, or quality of a good or service on an invoice submitted to customs, criminals can easily and quickly shift substantial sums of money across international borders. Trade misinvoicing can be related to, but does not precisely correspond to, trade-based money laundering TBML.