The President/Chairman of the Council, Chartered Institute of Bankers of Nigeria, Ken Opara, says trade-based money laundering poses a significant threat to the integrity of the global financial system and has far-reaching implications for regulators and operators alike.
He says trade-based money laundering accounts for a substantial portion of illicit financial flows worldwide. It is estimated that illicit proceeds worth $1.4tn to $2.3tn are laundered through trade-based schemes every year, significantly impacting economies and undermining legitimate trade activities.