GAO’s reports and testimonies give Congress, federal agencies, and the public timely, fact-based, non-partisan information that can improve government operations and save taxpayers billions of dollars.
What GAO Found Trade-based money laundering (TBML) is one of the primary mechanisms criminal organizations and others use to launder illicit proceeds, and the basic techniques involve the mis-invoicing of goods and services, such as through over- and under-invoicing.
As the world's leading trading nation, the United States depends on a vast marine transportation system. Ninety-five percent of overseas trade tonnage moves by water, and the cargo moving through the U.S. marine transportation system contributes hundreds of billions of dollars to the U.S.
To disguise illegally obtained funds, money launderers have traditionally targeted banks, which accept cash and arrange domestic and international fund transfers. However, criminals seeking to hide illicit funds may also be targeting the U.S. securities markets.
International crimes, such as drugs and arms trafficking, terrorism, money laundering, and public corruption, transcend national borders and threaten global security and stability. The National Security Council (NSC) told GAO that international crime and the framework for the U.S.