Use the official sources below while you study Trade-Based Money Laundering in Practice. The course and TBML Lab are free for registered learners.
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Sources and further reading
The 25 sources below are the ones cited in the lesson reference boxes, grouped by type. Links open the publisher’s own page in a new tab. ICC rules are sold by ICC, so their links go to the ICC product pages. Publishers may move or update documents; if a link no longer works, search for the title on the publisher’s site.
International standards and typologies
| Source | Why read it | Lessons |
|---|---|---|
| FATF, Trade Based Money Laundering, 23 June 2006. | The original FATF study: the definition of TBML, the basic techniques and why trade attracts launderers. | 1, 3 |
| FATF, Money Laundering Vulnerabilities of Free Trade Zones, March 2010. | How free zones' lighter oversight can be misused, with case examples. | 1, 3 |
| FATF and APG, Money Laundering and Terrorist Financing Risks and Vulnerabilities Associated with Gold, July 2015. | Why gold is an attractive vehicle for moving value, and the red flags. | 3 |
| FATF and Egmont Group, Trade-Based Money Laundering: Trends and Developments, December 2020. | Definitions including trade-based terrorist financing, the challenges, FIU analysis, the role of customs and public–private partnerships. | 1, 7, 8 |
| FATF and Egmont Group, Trade-Based Money Laundering: Risk Indicators, March 2021. | The four groups of indicators used throughout the course. | 1–7 |
| FATF, Complex Proliferation Financing and Sanctions Evasion Schemes, 20 June 2025. | Maritime and intermediary typologies where route checks meet sanctions. | 5 |
| FATF, Investigating Professional Money Laundering, Underground Banking, and the Use of Hawala and Other Similar Service Providers, 3 September 2026. | How professional networks combine hawala and underground banking with trade. | 1, 6 |
| WCO and Egmont Group, Customs–FIU Cooperation Handbook, 2020. | Announcement of the handbook on customs and FIU cooperation against trade mis-invoicing and informal value transfer. | 8 |
Industry guidance
| Source | Why read it | Lessons |
|---|---|---|
| Wolfsberg Group, ICC and BAFT, Trade Finance Principles, 2019 amendment, 2019. | The industry baseline for financial crime controls in trade finance, including open account and the three lines of defence. | 1, 2, 4, 5, 8 |
| AML/CFT Industry Partnership (Singapore), Best Practices for Countering Trade Based Money Laundering, May 2018. | Practical controls: due diligence, document, price and vessel checks, and monitoring. | 2–6, 8 |
| Hong Kong Association of Banks, Guidance Paper on Combating Trade-based Money Laundering, 1 February 2016. | Risk-based controls, price checks for manifestly unusual prices, and the limits of automation. | 2, 4–8 |
| Joint Money Laundering Steering Group, Guidance Part II, Sector 15: Trade finance, 2021. | UK industry guidance on trade finance; find Sector 15 in Part II of the current guidance. | 2 |
Rules for trade documents and terms
| Source | Why read it | Lessons |
|---|---|---|
| ICC, Uniform Customs and Practice for Documentary Credits (UCP 600), 2007. | The rules for letters of credit, including the principle that banks deal with documents. | 2, 5 |
| ICC, International Standard Banking Practice (ISBP 821), 2023. | How documents are examined under UCP 600. | 2, 5 |
| ICC, Uniform Rules for Collections (URC 522), 1995. | The rules for documentary collections. | 2 |
| ICC, Incoterms 2020, 2019. | Who pays for carriage, insurance and duties under each trade term. | 2 |
| UK Parliament, Electronic Trade Documents Act 2023, 2023. | The Act that gives qualifying electronic trade documents legal status in the UK. | 2, 8 |
| UK P&I Club, The UK Electronic Trade Documents Act 2023 comes into force, 21 September 2023. | A short practitioner note on what the Act means for electronic bills of lading. | 2, 8 |
Jurisdiction guidance
| Source | Why read it | Lessons |
|---|---|---|
| State Bank of Pakistan, Framework for Managing Risks of Trade Based Money Laundering and Terrorist Financing, revised, 12 August 2025. | The circular letter issuing the revised framework. | 1–8 |
| State Bank of Pakistan, Revised framework: annexures (red flags, typologies and case studies), 12 August 2025. | The framework text with its red flags, typologies and eight case studies. | 1–8 |
| Central Bank of the UAE, Guidance for Licensed Financial Institutions on Risks Related to TBML and Transshipment, 26 November 2025. | Typologies, vulnerable sectors, illicit transshipment, controls and reporting expectations. | 1–8 |
| Bangladesh Financial Intelligence Unit, Guidelines for Prevention of Trade Based Money Laundering, 2019. | Risk scoring, review cycles, price verification and the decision on trade alerts. | 1, 4, 5, 7 |
Advisories and cases
| Source | Why read it | Lessons |
|---|---|---|
| FinCEN, Advisory FIN-2025-A003 on the Use of Chinese Money Laundering Networks by Mexico-Based Transnational Criminal Organizations, 28 August 2025. | Mirror transactions, money mules and TBML; red flags and the reporting key term. | 3, 6, 7 |
| US Department of Justice, Mexican nationals sentenced for roles in black market peso exchange money laundering scheme, 21 July 2025. | A trade-based scheme that moved drug proceeds without moving cash across the border. | 3 |
| US Department of Justice, Two year prison sentence for woman who laundered over $20M dollars, 2 February 2026. | Business transactions presented as airline ticket purchases used to launder drug proceeds. | 3 |
Keep building
For evasion and maritime indicators, see Sanctions Compliance in Practice. For investigation and narrative writing, see AML Investigations and STR/SAR Reporting in Practice. For ownership and source of funds, see CDD and EDD in Practice.