The TENTACLE Project, led by the WCO Secretariat, aims to mobilize Customs, Financial Intelligence Units (FIUs) and law enforcement agencies in the fight against money laundering schemes and terrorist financing.
The starting point
Money laundering and terrorist financing are a threat to global security. The International Monetary Fund estimates that between $1.6 trillion and $4 trillion is laundered each year. Customs is the first line of defense at the border and is responsible for thwarting the flow of illicit goods. Recognizing Customs’ role in this fight, the WCO therefore created the TENTACLE project.
In January 2019, the WCO organized an Asia-Pacific regional workshop, bringing together 19 Customs agencies, INTERPOL and the FIU. As a result of the workshop, an operation led to several arrests, seizure, and confiscation of more than $5 million in cash and gold, which criminals were smuggling across international borders. The success of Operation TENTACLE Asia Pacific led to the creation of Project TENTACLE.
Dedicated tools
Tools dedicated to this fight have emerged. For starters, the FinCRIME online library contains information on money laundering schemes, such as the peso black market. It highlights new money laundering trends and mechanisms. It draws attention to significant events related to seizures of cash, coins, gems and precious metals, etc. Secondly, the Customs – FIU Cooperation Manual, which aims to improve joint measures taken at the global level against money laundering. It also aims to help customs and FIUs around the world create stronger anti-money laundering structures and improve financial crime intelligence.
There is a lot of work being done to stop money laundering on a global scale. One would think that if these efforts were replicated by all these countries to simplify customs procedures, world trade would be that much more dynamic. This is not always the case, as is the case with doctrines such as protectionism and the trade war between China and the United States.
Are you interested in customs and tech news, or would you like to learn more about the progress of our solutions?
Subscribe to our monthly newsletter and stay informed by receiving it directly to your email address!
© Customsbridge Copyright
