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Tracing the Trade Flow

Updated: Aug 13, 2019

The Latest Trends in Trade-Based Money Laundering Including Wildlife Trafficking, Arts and Antiquities, Counterfeit Goods

On June 27th, the ACAMS New York Chapter held a panel discussion sponsored by the Financial Integrity Network and hosted by The Director for The Center for Professional Accounting Practices, Fordham University.

Panel (from left to right):

Gail Fuller, Director, Financial Integrity Network

Bonnie Goldblatt, Director of Global AML Investigations, Citibank

Ryan Connors, Trial Attorney - Environmental Crimes Division, US Department of Justice

Michael Schidlow, Head of Financial Crime Compliance and Emerging Risk Audit Advisory, HSBC

Angel Nguyen Swift, CAMS (Moderator), Vice-President - Compliance and Financial Crime Solutions, Enigma Technologies

Michael Schidlow discussed the hidden risks of counterfeit goods, drawing connections to the world of trade-based money laundering. Schidlow brought out the shared trade routes, illicit actors, and tactics used by domestic and transnational organized crime groups, and the connection between the manufacture of counterfeit goods. This multi-billion dollar industry comprises a number of risks which financial institutions could potentially detect, including geographic, list-based, analytics, and common sense approaches to this objectionable crime.

Gail Fuller from the Financial Integrity Network (FIN), the event’s sponsor, spoke of her experience in the US Department of Treasury both as an analyst and as an advisor to the nation’s leaders on policies involving trade finance. She explained the various inherent risks around trade finance, given the increasing complexity facing the global market, including sanctions, export controls, and tariffs.

Bonnie Goldblatt discussed her experience at Homeland Securities Investigations (HSI) specializing in crimes committed involving arts and antiquities. She went over several typologies and case studies, identifying financial indicators that could assist institutions investigate money laundering cases that may the trade of arts and antiquities.

Finally, Ryan Connors, Trial Attorney at the U.S. Department of Justice’s Environmental Crimes Section discussed wildlife trafficking, including the very first wildlife trafficking case where solely money laundering was charged, United States v. Kang Juntao (19-cr-107) Camden, NJ.

He brought awareness not only to how wildlife trafficking is supported through the financial system (the seventh most valuable transnational crime), but also why combating wildlife trafficking is crucial to preserve the future of our earth.

Please follow this link to download a copy of the presentation.



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