HOUTHI ATTACKS RESULTING IN 50% REDUCTION IN SUEZ CANAL USE CAUSES EU IMPORTERS TO SWITCH TO PRODUCTS FROM THE OTHER SIDE OF THE POND, CREATING STILL MORE OPPORTUNITIES FOR TRADE-BASED MONEY LAUNDERERS TO THRIVE

If you are following current trade patterns, you may know that European importers of crude, diesel and LNG products, rather than endure the doubled delivery times, and thereby increased costs, from their usual Middle East suppliers, going around Africa, are reaching out across the Atlantic to other available sources, to fulfill their needs. They are not the only recipients of goods to changed suppliers in the aftermath of the Houthi/Suez/Red Sea situation.

This means that there are now new players in the global international trade picture, due to demand, and you can certainly bet that experienced Trade-Based money Launderers, who monitor all trade developments 24/7, will use these new payment routes to move, and repatriate, the proceeds of their clients' criminal activity, as these new customer relationships, forced upon the importers by events, are a radical departure from normal business, which means that there are no previous guidelines to measure possible TBML activity, due to inconsistent behaviour.

Expect laundrymen to take full advantage of these new exporter-customer arrangements, forced upon importers by recent events outside their control. If you are a compliance officer handling TBML risks, govern yourself accordingly.