ICA TBML Specialist Cert Practice Questions - ICA Specialist Certificate In Trade Based Money Laundering Exam

According to the Financial Action Task Force (FATF), what is the definition of Trade-Based Money Laundering (TBML)?

The process of disguising the proceeds of crime and moving value through the use of trade transactions in an attempt to legitimize their illicit origins The physical smuggling of cash across international borders inside shipping containers without documentation The failure to pay applicable customs duties on legally imported consumer electronics The electronic transfer of funds between commercial bank accounts using SWIFT MT103 messages

Correct Answer:

The process of disguising the proceeds of crime and moving value through the use of trade transactions in an attempt to legitimize their illicit origins

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