Purpose

This study aims to discuss the consequences of trade-based money laundering (TBML) and informal remittance services on the sustainability of the position of balance of payments and net foreign assets of a small open economy.

Design/methodology/approach

This paper uses a case study design using facts related to TBML and informal remittance services on the balance of payment and net foreign assets of Sri Lanka.

Findings

The contextual analysis reveals that the growth of the informal economy promotes informal remittance services in Sri Lanka. The policy decision to peg local currency to US dollars as a result of a shortage of foreign exchange had forced people to use informal channels for different purposes. The unclear and vague customer due diligence process of the anti-money laundering and countering the financing of terrorism (AML/CFT) regime also has forced people to use informal remittance services. Criminals especially drug traffickers have grabbed the promoted informal remittance services to transfer proceeds from Sri Lanka to overseas drug suppliers. On the other hand, systematic deficiencies in monitoring and regulation of movement of fund transfers and merchandise across borders provide opportunities for criminals to use different TBML techniques to transfer funds. These limitations force policymakers and regulators to think of developing a comprehensive payment ecosystem to prevent money laundering and terrorist financing. Therefore, the global initiative is required to move towards a payment ecosystem from a recommendation-based AML/CFT regime to reduce global crimes.

Research limitations/implications

This study was designed to discuss the implications of TBML and informal remittance services on the balance of payments and net foreign assets in a small open economy. The structure and size of the economy, the strength of the overall economy and the AML/CFT regime will play an important role in controlling criminal activities and combating money laundering of an economy; hence, the impact of TBML and informal remittance services will vary accordingly across the countries

Originality/value

This paper is an original work done by the authors, which discusses the implications of TBML and informal remittance services on the balance of payments and net foreign assets of an emerging market context.

中文翻译：

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基于贸易的洗钱和非正规汇款服务：对小型开放经济体国际收支可持续性的影响

目的

本研究旨在讨论基于贸易的洗钱 (TBML) 和非正式汇款服务对小型开放经济体的国际收支状况和外国净资产可持续性的影响。

设计/方法/方法

本文使用案例研究设计，使用与 TBML 和非正式汇款服务相关的事实来处理斯里兰卡的国际收支和外国净资产。

发现

背景分析表明，非正规经济的增长促进了斯里兰卡的非正规汇款服务。由于外汇短缺而将当地货币与美元挂钩的政策决定迫使人们出于不同目的使用非正式渠道。反洗钱和打击资助恐怖主义 (AML/CFT) 制度的客户尽职调查过程不明确和模糊，也迫使人们使用非正式汇款服务。犯罪分子，尤其是毒贩，利用推广的非正式汇款服务，将收益从斯里兰卡转移到海外毒品供应商。另一方面，对跨境资金转移和商品流动的监测和监管存在系统性缺陷，这为犯罪分子使用不同的 TBML 技术转移资金提供了机会。这些限制迫使政策制定者和监管机构考虑开发一个全面的支付生态系统，以防止洗钱和恐怖主义融资。因此，需要全球倡议从基于推荐的 AML/CFT 制度转向支付生态系统，以减少全球犯罪。

研究限制/影响

本研究旨在讨论 TBML 和非正式汇款服务对小型开放经济体中的国际收支和外国净资产的影响。经济结构和规模、整体经济实力和 AML/CFT 制度将在控制犯罪活动和打击经济洗钱方面发挥重要作用；因此，TBML 和非正规汇款服务的影响在各国会有所不同

原创性/价值

本文是作者的原创作品，讨论了 TBML 和非正式汇款服务对新兴市场背景下的国际收支和外国净资产的影响。