A Guide on Financial Crime Prevention in Trade Finance

A Guide on Financial Crime Prevention in Trade Finance covers the various aspects of financial crime in relation to trade finance, and it outlines the various areas targeted for criminal activities in financial crime and the associated risks. Drawing on the experience of recognised experts in the trade finance sector, the report provides practical guidance on the specific financial crime risks in trade finance and it offers advice on the preventative measures that can be taken.

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Details

  • Publication date: December, 2014
  • Pages: 70
  • ISBN: 9781783581696

Description

What is it that makes trade finance a particular target for criminals?

The very nature and complexity of trade finance transactions, and the huge volume of trade flows that exist, can hide financial crime transactions and help criminal organisations to transfer value across borders.

A Guide on Financial Crime Prevention in Trade Finance covers the various aspects of financial crime in relation to trade finance, and it outlines the various areas targeted for criminal activities in financial crime and the associated risks. Drawing on the experience of recognised experts in the trade finance sector, the report provides practical guidance on the specific financial crime risks in trade finance and it offers advice on the preventative measures that can be taken.

Key features include:

• In-depth guidance from experts at Dentons, the ICC, Reed Smith LLP and Sumitomo Mitsui Banking Corporation (SMBC)

• Advice on integrating compliance into successful trade finance

• A review of the specific risks and examples of fraud involving the use of trade and commodity finance

• Detailed guidance on the money laundering and terrorism financing activities that are attempted through trade finance, with advice on preventative measures against them

• An assessment of the impact and practical application of sanctions in trade finance, with guidance on what trade finance firms can do to protect themselves

Contents

Chapter 1: Financial crime and trade finance

Chapter 2: Integrating compliance into successful trade finance 

Chapter 3: Fraud in trade finance

Chapter 4: Money laundering

Chapter 5: Terrorism financing

Chapter 6: Sanctions and trade finance

Check our Executive Summary and full table of contents here

Authors

Clarissa Dann
Clarissa Dann Clarissa Dann is editor of Trade & Forfaiting Review (TFR), the specialist trade and receivables finance information service now in its 18th year. TFR includes a monthly magazine, an online information service, global contacts directory, events, reports and two annual awards competitions. Clarissa’s former roles have included running legal and regulatory publishing teams at Thomson Reuters and Lexis Nexis before completing her MBA in 2004 from Cass Business School in London and retraining as a financial journalist. Based in the UK, she is regular participant in and reporter on trade and commodity finance events around the world, having moderated panel sessions at Sibos and BAFT. She is currently studying for the Certificate in International Trade Finance (CITF).  In her limited spare time she plays the double bass in leading London amateur orchestras. You can follow Clarissa on  twitter. and connect with her on LinkedIn 
Sean Edwards
Solicitor, formerly with Clifford Chance, and is now head of legal at Sumitomo Mitsui Banking Corporation (SMBC) Europe Limited.
Imogen Holmgren
Trainee solicitor in the Trade Finance team of the Energy & Natural Resources Group of Reed Smith. She joined the London office of Reed Smith in 2013 after having worked originally in Reed Smith’s Paris office.
Robert Parson
Robert is a partner in the Energy & Natural Resources Group of Reed Smith, based in the London office. He is the editor of the legal journal Finance & Credit Law.
Christina Pope
Christina is a trainee in Dentons’ financial services and funds group. On graduation, Christina worked for Kroll in the legal technology business, and then joined Dentons as the senior paralegal and manager of litigation support in the dispute resolution department. Christina has completed a Masters in Law, which included an elective in Financial Regulation and Compliance.
Emma Radmore
Emma is a managing associate in Dentons’ London-based financial services and funds practice. She advises on all aspects of regulation under financial serviceslegislation, and her client base includes UK, European, and international firms, both within and outside the regulated sector. Emma is the editor of the firm’s weekly financial regulatory e-newsletter, FReD, which won the award for ‘Best Editorial Team’ at the 2011 and 2012 Compliance Register Awards.
Thierry Senechal
Thierry is the Senior Policy Manager, Banking Commission, at the International Chamber of Commerce (ICC). He has 20 years of experience in financial crime risk, in both investigative and policy functions, in the public and private sectors, and across a wide range of topics (AML, sanctions, financial fraud, insurance claims).