Countering Illicit Finance a Number Essay

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Criminal gangs do exploit global trade networks using confusing documentation associated with legitimate business transactions. Such criminals ideally make use of Trade-Based Money Laundering (TBML). This is a scheme that Colombian drug cartels have capitalized on. Homeland Security Intelligence has in this regard instituted Trade Transparency Unit (TTU) to counter TCOs resolve to launder illicit proceeds through manipulation of international trade and financial systems. The TTU partners with foreign nations to exchange trade data

. It has partnered with Mexico, Panama, Brazil, Colombia, Ecuador, and Paraguay to mention but a few countries with a view to identifying, investigating, and prosecuting international criminal gangs that engage in TBML. The ICE, ITU, and intelligence analysts in the field together with the foreign customs and law enforcement agencies responsible for border control and enforcement of financial crimes make use of TTU's computer systems called the Data Analysis and Research for Trade Transparency System (DARTTS) to analyze trade and financial data. The TTU's computer system can identify international trade anomalies and financial irregularities that point to engagement in TBML, custom fraud and smuggling. The system is capable of analyzing large amounts of data within a short period. This helps in maximization of limited time and resources. DAARTS helps in initiating and furthering criminal investigations

. A number of countries have shown interest in developing their TTU. Countries like Colombia and Guatemala that have established their TTU currently receives funding and support from State Department's Bureau of International Narcotics and Law Enforcement Affairs.

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Prepaid access devices are currently used in illicit cash transfers. Money launders make use of open loop prepaid access devices because they can easily be made use of at point of sales terminals. These cards are also use by money launders because they are widely accepted by hotels and car rental agencies. Money launders prefer prepaid access devices to bulk cash because their portability makes it extremely difficult to detect as could be the case with bulk cash. The dangers that prepaid cards posed to the United States economy prompted the enactment of the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 that became law in May 2009

. The law has compelled the U.S. Department of Treasury and Department of Homeland Security to address risks associated with prepaid cards. The Homeland Security Intelligence works in conjunction with other law enforcement agencies and Financial Crime Enforcement Network to address the dangers prepaid devices poses to the entire economy. This has culminated into the publication of Bank Secrecy Act.....

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"Countering Illicit Finance A Number" (2013, April 20) Retrieved May 3, 2024, from
https://www.aceyourpaper.com/essays/countering-illicit-finance-number-89932

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"Countering Illicit Finance A Number" 20 April 2013. Web.3 May. 2024. <
https://www.aceyourpaper.com/essays/countering-illicit-finance-number-89932>

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"Countering Illicit Finance A Number", 20 April 2013, Accessed.3 May. 2024,
https://www.aceyourpaper.com/essays/countering-illicit-finance-number-89932
   

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