Indian trade based money laundering worth USD302m

More than INR18bn (USD302m) in the proceeds of crime was laundered via trade based activities in India FCA - container shipduring 2013, a report from the revenue intelligence agency claims.

The Directorate of Revenue Intelligence registered 296 cases of suspected trade-based money laundering (TBML) during the same period.

Eleven persons were arrested in 2013 for their role TBML schemes which included the misuse of various government-run schemes, such as foreign or preferential trade agreements

False invoicing – over or under valuing the worth of goods in invoices, or issuing an invoice for goods that were never traded – was a popular method of laundering cash, the report continued.

Source: Economic Times

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