Please thoroughly answer the questions below by summarizing the attached document labeled “DRAFT 4”
1. Trade Based Money Laundering
The international trade system is clearly subject to a wide range of risks and vulnerabilities that can be exploited by criminal organisations and terrorist financiers. In part, these arise from the enormous volume of trade flows, which obscures individual transactions (FATF June 2006).
(a) What is trade based money laundering and explain the techniques used to facilitate it, providing practical examples.
(b) What strategies can be used to mitigate against trade based money laundering?
(c) Identify the relevant red flag indicators of trade based money laundering in this case. (the case is in the document attached labeled “DRAFT 4”.
2.Human Trafficking and Modern-Day Slavery
In addition to its enormous human cost, human trafficking is estimated to be one of the most profitable proceeds generating crime in the world, with the International Labour Organisation estimating that forced labour generates USD 150.2 billion per year.
(a) Define human trafficking and outline the indicators of money laundering from human trafficking? (10 marks)
(b) What are some of the challenges national authorities frequently face in detecting, investigating human trafficking and how prevalent is human trafficking in the Caribbean region?
(c) What action can be taken to ensure an effective national system to combat
human trafficking
human trafficking
from human trafficking?
Please incorporate the 5 Acts and Regulations below into the paper:
FINANCIAL TRANSACTIONS REPORTING ACT, 2018
FINANCIAL TRANSACTIONS REPORTING REGULATIONS, 2018
FINANCIAL INTELLIGENCE (TRANSACTION REPORTING) REGULATIONS, 2001
PROCEEDS OF CRIME ACT, 2018
FINANCIAL INTELLIGENCE UNIT ACT, 2000FINANCIAL TRANSACTIONS REPORTING ACT, 2018
Citations throughout the paper is very important. Please only the Acts and Regulations above and the sources in the paper as as citations throughout the paper.