FATF: New report on money laundering arising from migrant smuggling
Migrant smuggling is a global issue. The proceeds generated by migrant smuggling are estimated to exceed USD 10 bio. per year. A new Report by the Financial Action Task Force (FATF) published on 22 March 2022 analyses the money laundering and terrorist financing risks associated with migrant smuggling. According to the document, there has been an increase in migrant smuggling, but many countries would not consider it a high-risk crime for money laundering. Therefore, the associated financial flows would rarely be investigated.
The report identifies the most common methods to transfer and launder the proceeds of migrant smuggling, from hawala, integration of proceeds into legitimate business such as shops, travel agencies and transport companies, and the increasing use of professional money launderers. The report concludes that countries would need to understand the money laundering risks they face from migrant smuggling and that the money linked to this criminal activity should be followed proactively, including through increased collaboration with national and international authorities and the private sector as emphasised in the FATF’s press release.
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Thursday, 21 March 2024
Thursday, 20 March 2025