A Louisiana, USA Senator named Bill Cassidy,
R-La., who issues a torrent of 'White Papers' on various subjects, including
Health Care now wants the Federal Government to look into possible cargo-based
money laundering (TBML-Trade-Based Money Laundering), suggesting TBML
, “is one of the most profitable and safe mechanisms to launder
money, and it is imperative that Congress act.
“There are certain industries that
present a greater risk for TBML, such as couriers, cargo services, freight
shipping services, international shipping, and money service businesses.
TBML generally appears in jurisdictions with a high risk of traditional
money laundering and where authorities have recently improved their traditional
“As a result, criminals are forced
to turn to trade to launder money, rather than traditional money laundering
Laundering White Paper
“There needs to be real-time coordination
and reviewable connections between the agency handling the manifest information
and the agency handling corresponding financial information within the
U.S. and between the U.S. and our trading partners,” the Senator
contends in a ‘White Paper’ adding:
“This could be accomplished through
a public distributed ledger system. This system would allow all parties
to simultaneously follow the transaction and track any changes made to
the documents uploaded to the system.”
Without detailing any specific instance
aside from referencing Colombia in the 1980s and Mexico in the 1990s etc.,
the Senator’s White Paper asserts that “TBML is not covered
in the USA cargo inspection process, so money laundering can go unchecked
impacting tax revenues.”
Senator Cassidy is calling for a legislative
agenda that he contends will tighten up on TBML through interagency and
private-sector cooperation; and enhanced collaboration with trading partners.
The Scary Bunch
“Threat networks, terror groups and
drug traffickers are often linked through social relationships and common
facilitators, which means that despite different objectives, they share
the same assets for shipping illicit goods, funneling money and bribing
“Those assets form part of a supply
chain in which licit trade takes place.
“This makes TBML one of the most profitable
and safe mechanisms to launder money, and it is imperative that Congress
act,” Senator Bill declared.
Stay tuned . . .
Click here to download White Paper.