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Data collection could be key to battling trade-based money laundering

Joe Mont | February 9, 2016

When you consider the problem of money laundering, you may not think much about licorice. But in the world of trade-based money laundering that candy-worthy flavoring has been at the center of nearly $100 million in financial fraud over the years.

It isn’t that licorice itself is a cornerstone of financing terrorism, but that nearly any product can be problematic. Other imports and exports that may be funding terror range from the expected (gold, jewelry) and the less considered (Freon, chicken, watermelons, and garlic).

The issue of trade-based money laundering, and how imports and exports can shield illicit financial transactions, was the subject of a hearing held on Feb. 3 by the House Financial Services Committee.

John CassaraAn anecdote shared at the hearing by John Cassara, a former U.S. Intelligence Officer...

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