Resources

International Organizations and Regulatory Bodies

Financial Action Task Force (FATF)
The global money laundering and terrorist financing watchdog that defines TBML as “the process of disguising the proceeds of crime and moving value through the use of trade transactions.” FATF provides vital guidance, typologies, and recommendations that form the foundation of global TBML prevention efforts.
https://www.fatf-gafi.org/en/publications/Methodsandtrends/Trade-basedmoneylaundering.html

Egmont Group
An international organization that provides Financial Intelligence Units (FIUs) with a platform for secure exchange of expertise and financial intelligence to combat money laundering and terrorist financing. They’ve developed specialized TBML/SBML training resources for FIUs to strengthen global financial intelligence efforts.
https://egmontgroup.org/news/egmont-group-unveils-new-tbml-sbml-training-to-fortify-global-financial-intelligence-efforts/

International Finance Corporation (IFC)
A member of the World Bank Group that has developed resources to counter TBML, recognizing it as an increasingly significant way global trade is misused to launder illicit proceeds. IFC provides free TBML e-learning courses tailored to front-line staff of financial institutions.
https://www.ifc.org/en/what-we-do/sector-expertise/trade-and-supply-chain-finance/countering-trade-based-money-laundering

Industry Associations and Initiatives

The Wolfsberg Group
An association of 13 global banks that has developed comprehensive TBML resources including awareness videos, trade finance principles papers, and effective monitoring guidelines. The Group found that over 80% of global trade is not financed by banks and therefore beyond the reach of existing AML regulatory regimes.
https://wolfsberg-group.org/news/23/

Bankers Association for Finance and Trade (BAFT)
A globally recognized thought leader on pragmatic approaches to reverse de-risking in correspondent banking relationships. BAFT actively advocates for the modernization of AML/CFT regimes and innovation to combat trade-based money laundering more effectively.
https://www.baft.org/banking-topics/financial-crime/

Association of Certified Anti-Money Laundering Specialists (ACAMS)
Provides specialized training and certification in trade finance and TBML, designed to help AFC (Anti-Financial Crime) professionals prevent, detect, and mitigate the risks of trade-based financial crime.
https://www.acams.org/en/training/certificates/trade-finance-and-trade-based-money-laundering

Research and Reports

FATF-Egmont Group Report: Trade-based Money Laundering Trends and Developments (2020)
A comprehensive study providing insights into the extent to which TBML remains a significant money laundering risk, established techniques, and newer developments in illicit cash integration. The report also covers trade-based terrorist financing.
https://www.fatf-gafi.org/content/dam/fatf-gafi/reports/Trade-Based-Money-Laundering-Trends-and-Developments.pdf

Global Financial Integrity: Trade-Related Illicit Financial Flows Report
Documents the international problem of “trade misinvoicing” across 134 developing countries. The report analyzes trade data to identify mismatches or “value gaps” between what countries report regarding their trade with each other, estimating USD billions in uncollected trade-related tax revenues.
https://gfintegrity.org/report/trade-related-illicit-financial-flows-in-134-developing-countries-2009-2018/

GAO Report: Countering Illicit Finance and Trade
A U.S. Government Accountability Office study identifying TBML as one of the most commonly used and most difficult to detect methods of money laundering. The report examines enforcement challenges and provides valuable insights for financial institutions and regulators.
https://www.moneylaunderingnews.com/2020/02/trade-based-money-laundering-gao-report-stresses-enforcement-challenges/

Government Agencies and Law Enforcement

Immigration and Customs Enforcement (ICE) – TBML Resource
ICE provides detailed explanations of different TBML schemes, including overvaluation, undervaluation, double/multiple invoicing, false invoicing, value transfer, and false description schemes. The document details the process of TBML and highlights ICE’s unique position in investigating these cases.
https://www.ice.gov/doclib/cornerstone/pdf/cornerstone202502.pdf

U.S. National Money Laundering Risk Assessment
Identifies TBML as a key laundering method associated with drug trafficking and cartels, highlighting the increased use of TBML by professional money launderers. The assessment notes how TBML can break the link between predicate crimes and money laundering, making detection more difficult.
Referenced in: https://www.fatf-gafi.org/content/dam/fatf-gafi/reports/Trade-Based-Money-Laundering-Trends-and-Developments.pdf

Academic and Environmental Resources

FICO Blog: What Is Trade-Based Money Laundering?
Provides a clear explanation of TBML, exploring recent studies on the topic, challenges in countering this form of money laundering, and industry trends. The blog explains how TBML involves the exploitation of the international trade system to transfer value and obscure illicit origins.
https://www.fico.com/blogs/tbml-what-trade-based-money-laundering

Targeting Natural Resource Corruption (TNRC)
Examines how TBML is commonly used to hide proceeds of environmental crime and related corruption. This resource is valuable for understanding the intersection between financial crime and environmental exploitation.
https://www.worldwildlife.org/pages/tnrc-introductory-overview-trade-based-money-laundering-and-natural-resource-corruption

Collaborative Initiatives

Wolfsberg Group, ICC, and BAFT Collaboration
These organizations have jointly developed comprehensive papers on TBML, including the 2009 Wolfsberg Trade Finance Principles and the 2017 collaborative publication. Their work highlights how successful mitigation of TBML requires greater collaboration between key international trade players in both public and private sectors.
Referenced in: https://wolfsberg-group.org/news/23/

The Joint Chiefs of Global Tax Investigation (J5)
Established by tax authorities from the United States, Canada, the Netherlands, Australia, and the United Kingdom to investigate those who enable transnational tax crimes and money laundering. Tax evasion is a recognized predicate offense linked to TBML.
Referenced in: https://www.fatf-gafi.org/content/dam/fatf-gafi/reports/Trade-Based-Money-Laundering-Trends-and-Developments.pdf

Bilateral Safety Corridor Coalition (BSCC)
A nonprofit alliance of over 60 government and nonprofit agencies in the U.S. and Latin America, focused on combating slavery and human trafficking, especially along the U.S.-Mexico border region.
https://bsccoalition.org/

Training Resources

IFC TBML E-learning Course
A free course specifically designed for front-line staff of financial institutions to help them identify and address TBML. The course provides practical knowledge on recognizing and mitigating TBML risks.
https://www.ifc.org/en/what-we-do/sector-expertise/trade-and-supply-chain-finance/countering-trade-based-money-laundering

Egmont Group TBML/SBML Training Video and E-Learning Course
Designed to provide comprehensive insights and practical knowledge to equip financial intelligence units with the tools needed to detect, prevent, and combat these sophisticated forms of economic crime. Available in English and French.
https://egmontgroup.org/news/egmont-group-unveils-new-tbml-sbml-training-to-fortify-global-financial-intelligence-efforts/