Criminal gangs do exploit global trade networks using confusing documentation associated with legitimate business transactions. Such criminals ideally make use of Trade-Based Money Laundering (TBML). This is a scheme that Colombian drug cartels have capitalized on. Homeland Security Intelligence has in this regard instituted Trade Transparency Unit (TTU) to counter TCOs resolve to launder illicit proceeds through manipulation of international trade and financial systems. The TTU partners with foreign nations to exchange trade data
. It has partnered with Mexico, Panama, Brazil, Colombia, Ecuador, and Paraguay to mention but a few countries with a view to identifying, investigating, and prosecuting international criminal gangs that engage in TBML. The ICE, ITU, and intelligence analysts in the field together with the foreign customs and law enforcement agencies responsible for border control and enforcement of financial crimes make use of TTU's computer systems called the Data Analysis and Research for Trade Transparency System (DARTTS) to analyze trade and financial data. The TTU's computer system can identify international trade anomalies and financial irregularities that point to engagement in TBML, custom fraud and smuggling. The system is capable of analyzing large amounts of data within a short period. This helps in maximization of limited time and resources. DAARTS helps in initiating and furthering criminal investigations
. A number of countries have shown interest in developing their TTU. Countries like Colombia and Guatemala that have established their TTU currently receives funding and support from State Department's Bureau of International Narcotics and Law Enforcement Affairs.
Prepaid access devices are currently used in illicit cash transfers. Money launders make use of open loop prepaid access devices because they can easily be made use of at point of sales terminals. These cards are also use by money launders because they are widely accepted by hotels and car rental agencies. Money launders prefer prepaid access devices to bulk cash because their portability makes it extremely difficult to detect as could be the case with bulk cash. The dangers that prepaid cards posed to the United States economy prompted the enactment of the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 that became law in May 2009
. The law has compelled the U.S. Department of Treasury and Department of Homeland Security to address risks associated with prepaid cards. The Homeland Security Intelligence works in conjunction with other law enforcement agencies...
Illicit Finance Why is the internet important to money laundering? A large number of nations now have aggressive policies in place against money laundering, rendering it exceedingly difficult for offenders to apply traditional money laundering tactics. But this also leads them to strive at creating new tactics with the Internet being one of the popular new modes they employ (Kassner, 2013). Globalization and the Internet have made it possible to pay for services
S. interests. What is different is that we have names and faces to go with that warning."3 This emphasis on recognizing the adaptability 3 Dennis C. Blair, Annual Threat Assessment of the U.S. Intelligence Community for the Senate Select Committee on Intelligence, (U.S. Senate Armed Services Committee, 2010). of the terrorist is central to the government's overall response, in terms of both planning and execution, as evidenced by findings presented in the
Illicit finance has come to be a significant issue not only locally, but also internationally. There are numerous delineations of illicit finance, but fundamentally it comes about from the practices, approaches and crimes targeting to transfer financial capital within and out of a nation in violation of national and global laws. Across the world, government administrations are working in tandem and joining forces to combat different illicit financial flows, which
The global cocaine seizures in 2002 indicate a 10% fall from 1999 -- the latest peak year for cocaine production. Although the bulk of cocaine seizures in 2002 continued to be in the Americas (55%in South America; 32% in North America), the most disturbing trend is the rise in European seizures (13% v. 6% in 1990 and 8% in 2000). The increase in cocaine trafficking to Europe is mainly due
Because the home country is not required to reimburse foreign depositors for losses, there is no corresponding financial penalty for lax supervision; there is, though, a benefit to the country with lenient regulatory policies because of increased revenues generated and the employment opportunities these services provide (Edwards 1999). Furthermore, banks seeking to conduct multinational business are attracted to countries where incorporation laws and the regulatory framework offer less regulatory oversight
Latin America American terrorism issues and possible convergence with drug cartels in Central and South America Terrorism in Latin America Columbia The leftist National Liberation Army (ELN) United Self-Defense Forces of Colombia (AUC) The leftist Revolutionary Armed Forces of Colombia (FARC) Cuba Venezuela Mexico Iranian Activity and Sponsorship Focus Tri- Boarder area of Argentina, Brazil and Paraguay Regional Overview and Criminal Activities and Concerns Parallel developments of Terrorism and Organized Crime Poverty, Discrimination and Relative Denial Interconnections between Terrorism and Organized Crime Groups Abu Nidal organization (ANO) The
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