International asset recovery and suspected trade-based money laundering:

  1. As Britain a safe haven for plundered assets – experts stated, “successful international asset recovery is notoriously difficult because of the often complex web of financial transactions used to hide illegal sources of money, as well as a lack of cooperation between different countries…”  This article too cited the World Bank and UN Office of Drugs and Crime for the proposition that “[b]etween 1994 and 2009, only $5 billion of stolen assets were recovered globally — less than 2 percent of the lowest estimated amount stolen annually...”
  2. Four Columbian nationals, (one of whom is also an Israeli citizen), were indicted on July 9th, for their suspected involvement in a laundering circuit that washed illicit drug proceeds.  Three of the indicted four, were also separately named as Specially Designated Narcotics Traffickers under the Kingpin Act which has the effect of freezing any of their assets under U.S. jurisdiction.  In connection with the designation, U.S. authorities published a chart depicting trade-based money laundering reportedly carried out by way of offshore banks and companies:

(Click On The Chart To Enlarge) 

Link Chart: U.S. Treasury’s Office of Foreign Assets Control
Copyright 2013 Fred L. Abrams