Governments tax evasion. This report discusses the scope

Governmentsand Regulators across nations are identifying the threat caused by TBML as itcovers a broad range of financial and other services. Inorder to limit this proliferation in crime the various governmentagencies have already initiated the ongoing scrutiny combined with massiveregulatory fines which created a necessity for improved financial transparency.FATF’s proposalsto disseminate information, share intelligence more widely and develop newdatabases, units and taskforces to analyze data may provide an enhancedresponse to TBML. The U.

S.Department of Homeland Security (DHS), through its Immigration and CustomsEnforcement’s Homeland Security Investigations (ICE/HSI) unit, maintains aTrade Transparency Unit (TTU). The TTUs examinetrade anomalies and financial irregularities associated with TBML, customsfraud, contraband smuggling, and tax evasion. This report discusses the scopeof the TBML problem and analyzes selected U.

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S. government policy responses to addressTBML. TBML is also becoming an increasingly great concernfor the countries that are heavily dependent on trade for continued economic growth.TheSingaporean government seized US$180mn in assets linked to 1MDB in a moneylaundering investigation and it shut down BSI Bank of Switzerland because of”gross misconduct” pertaining to 1MDB. The Monetary Authority of Singapore(MAS) has launched a dedicated unit to fight money laundering in the wake ofthe 1MDB scandal. In the view of TBML both Singapore’s MonetaryAuthority of Singapore (MAS) and Hong Kong’s Hong Kong Monetary Authority (HKMA)are strengthening their enforcement measures for the financial industry toenhance transparency around the risk-based approach to market supervision for combatingmoney laundering and to strengthen enforcement.

 A cross-border blockchain solution for trade financebetween Hong Kong and Singapore is to go live in early-2019, according to theMonetary Authority of Singapore (MAS) which allowsgovernments to combat crime as a whole, instead of market by market.


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