January 18 2017
A report released this week by the Dubai Financial Services Authority (DFSA) has found a certain lack of awareness of trade-based money laundering (TBML) in firms operating at the Dubai International Financial Centre (DIFC).
The Trade finance report 2016 points out that while banks have strong internal controls for general credit risk, the same is not true for TBML risks. It also finds that skills are lacking when it comes to understanding the specific risks surrounding trade finance, and that banks should take that into account when recruiting, whether internally or externally.