Trade Based Money Laundering Uboat Explained

[@vishnuprasad452]

Good info sir❤

[@FinCrimeAgent]

Thank you 👍🏻

[@udaykiran7185]

Please make a video on OFAC their duties in interview prospective

[@FinCrimeAgent]

Thank you for your insight. Sounds interesting and it could help those at the early stage of their AML career. I will definitely consider it as a topic for one of my future videos 👍🏻

[@FinCrimeAgent]

Hey Kiran, I wanted to let you know that I managed to put together a 10 minutes video about OFAC, also covering some of the key aspects of US sanctions. Feel free to share with anyone that could benefit from it and pls let me know what you think of it. Here is the link: kzbin.info/www/bejne/i37FioCHi8SiZtE

[@udaykiran7185]

Good information

[@FinCrimeAgent]

Thank you for your feedback and for visiting my channel 👍🏻 You will find more TBML related videos on FinCrime Agent if this is the topic you are most interested in. I hope you find them useful!

[@vincec1036]

Hi @FinCrime Agent, thank you for sharing and explaining a very complex subject. When goods are returned to the source country, are they sent to the same seller or a third party? Should Customs enforce returns to be duty-free only if returned to the original seller? Otherwise, stop shipment for suspicious behavior and further investigation.

[@FinCrimeAgent]

Hi Vincec, Thank you for your insightful question. In the U-Boating technique, while the intention is to divert the goods back to the nation of origin, they aren't necessarily returned to the original seller. Often, these goods are directed towards third parties or co-conspirators who then manage the resale and distribution, especially in cases where counterfeit goods are involved. Your suggestion on Customs enforcement is astute. Restricting duty-free returns to only the original sellers could be an effective deterrent. It would also add an extra layer of verification, making the U-Boating process more challenging. However, this also means that legitimate businesses might face some added friction if they had valid reasons to return goods to third parties in the source country. Stopping shipments for suspicious behaviour and undertaking further investigation is definitely a strategy that customs can employ. However, the challenge lies in efficiently identifying what qualifies as "suspicious behaviour" without impeding legitimate trade operations. Again, thank you for your thoughtful comment and for engaging with the content. Always appreciate the active involvement of viewers like you! Warm regards, Marco

[@mohammedejaz7662]

Hi Marco, Thanks for explaining this redflag. Is that really that easy to do u-boating in LC product? I understand the concept, however, would be great if could clarify, whether the applicant (buyer) will reveive the goods or not. Also, how easy is to change the goods in the container? I believe very difficult, also it might happen in cullusion with shipping company. To avoid this, shipping company also should have strong compliance embedded in it, correct me if I am wrong.

[@FinCrimeAgent]

Hi Mohammed, I'm glad you found the video informative! You're right, u-boating in letter of credit transactions isn't straightforward. Typically, the buyer does receive goods, but they may not be what was expected. Altering the contents of a container can be challenging and often involves collusion with insiders. Strong compliance measures in shipping companies are indeed crucial to prevent such fraud. Hope this clarifies your concerns! Thanks for watching my videos.

[@mohammedejaz7662]

@@FinCrimeAgent Thank you, could you please throw some light on IMB.

[@FinCrimeAgent]

@mohammedejaz7662 In this context I’m quite sure you are referring to IMB as in Irrevocable Master Bill of lading - a key document in shipping and trade. This serves as a receipt for cargo and represents the terms of the contract for the carriage of goods. Understanding its role helps in identifying red flags in TBML cases, like discrepancies in shipment details that could indicate u-boating or other fraudulent activities. I’ll consider covering this in more detail in a future video! Thanks for your input and contribution 👍🏻

[@Mini-lp9kx]

Hi, will be great if you can make a video for high seas sales - TBML contacts . Thank you

[@FinCrimeAgent]

Thank you for the great suggestion! I will definitely add this to my pipeline of videos to be published 👍🏻🙂 Please bear with me as I receive many requests so it will take me a while before I can publish it. Thanks again for your active contribution 🙏🏻

[@FinCrimeAgent]

Hi! I just wanted to let you know that I published a video on the High Sea Sales Process: TBML Risks & Prevention as requested. This is the link to it, I hope you find it interesting. kzbin.info/www/bejne/sGjGfKeXgMpjidk

[@Shajar-oe7su]

Hi Sir, I want a detailed video of crowdfunding for terrorism financing can you make one please?

[@FinCrimeAgent]

Hi Shajar, Thank you for your suggestion. The topic of crowdfunding in relation to terrorism financing is indeed very sensitive and important. While I don’t have immediate plans to create a video on this subject, I will look into the regulatory and compliance aspects more thoroughly and consider your suggestion for future content. It’s essential that any discussion of such topics is approached with the right balance of education and awareness, particularly about preventing illegal activities. Thanks again for engaging with the channel and sharing your thoughts! Best regards, Marco