The President/Chairman of the Council, Chartered Institute of Bankers of Nigeria (CIBN), Ken Opara, has said trade-based money laundering poses a significant threat to the integrity of the global financial system.
Opara spoke at the CIBN breakfast session themed, ‘Countering trade-based money laundering: Implications for Regulators and Operators’.
“According to a report published by the Financial Action Task Force in 2022, trade-based money laundering accounts for a substantial portion of illicit financial flows worldwide.
“It is estimated that illicit proceeds worth $1.4 trillion to $2.3 trillion are laundered through trade-based schemes every year, significantly impacting economies and undermining legitimate trade activities.
“This report also highlights that trade-based money laundering poses unique challenges for regulators and operators.
“The complexity of global supply chains, the sheer volume of trade transactions, and the use of innovative techniques by money launderers necessitate a comprehensive and coordinated response from all stakeholders.
“It is essential to strengthen the capacity of regulators and operators to detect and prevent these illicit activities, safeguarding the financial system from exploitation.”
