Trade Based Money Laundering (TBML)

 

Source: http://velvetdice.in/aml-101-4-trade-based-money-laudering/

透過國際貿易清洗黑錢 (Trade Based Money Laundering, TBML) 是一種傳統的洗黑錢手法。常用的方法：透過不存在的虛假貿易 (Fictitious or “ghost” trading) 轉移犯罪收入，透過誇大或縮小貨物的價值 (Over Invoicing or Under Invoicing) 轉移資金至另一個國家（動機可以是繞過外匯管制即是走資）。

下文提供兩宗真實個案，Case 1 是 100% 虛假貿易（配合假文件和假網站將黑錢假裝成合法的貿易收入），Case 2 是透過誇大貨物的價值（假鑽石扮真鑽石）轉移犯罪收入，牽涉印度。

亞洲國家中，最有條件玩 TBML 的，是中國和印度。原因：1. 都是人口大國，在本國以外有龐大的離散人口 (Diaspora) ，在多個國家建立起具備規模的海外僑民社區 (Diaspora Communities)，當中又有不少人從事貿易活動，提供現成的轉錢渠道以及人脈網絡，令海外僑民有辦法不經銀行系統匯錢回家又或者做生意（正當生意或犯罪活動）。對，人多好辦事，毛主席的名句。相關的概念：Hawala, Chinese Underground Banking, Chinese money laundering network。2. 都是古老文明，官民角力的歷史非常悠久。中國和印度都有很多民間的高手，用創意發展出各種千奇百怪的方法，讓民眾可以繞過官府設立的關卡，或逃稅或匯錢或走資，然後在官府面前扮窮或報窮（宣布破產）。Case 2 牽涉印度，不難理解。印度騙子看中香港，因為香港是自由港，有大量的貨物出入，數量龐大，但是執法部門資源有限，只能選擇性地抽查，用國際貿易掩飾洗黑錢活動顯得順理成章。由於歷史原因，香港跟印度有聯繫，有印度人社群。同時又背靠實施外匯管制的中國，再加上大量的大陸人移居香港，成為洗黑錢中心，實屬理所當然。

Case 1

偽冒船公司精心炮製假網站　

「幽靈貿易」洗 $89 億黑錢　海關拘 5 人

撰文：陳浩然 黃偉民 陳傲淇

香港 01 (2025-12-23)

https://www.hk01.com/article/60306215?utm_source=01articlecopy&utm_medium=referral

節錄：海關搗破巨額洗黑錢案，拘捕5名男女，首次發現有犯罪集團精心製作偽冒的船公司網站進行「幽靈貿易」，但所船務資訊、貿易文件、買賣記錄全是偽造，假扮成合法貿易收入，瞞過銀行的客戶盡職審查，將黑錢洗白。海關調查顯示，涉案公司沒有任何入境報關記錄。 

集團收款後會將錢匯到幾間持牌找換店，公司之間亦會轉帳；部分骨幹成員亦會使用個人戶口，處理來歷不明的款項，其中 3 名被捕人士在 2022 年 1 月至 2025 年 12 月，近 4 年間在 14 間本地銀行合共開設 29 個公司或個人戶口，收取超過 3700 筆來歷不明的轉帳，清洗高達 89 億港元。海關已凍結及監察涉案約 5500 萬元資產。 

海關經調查發現，有洗黑錢集團進行「幽靈貿易」，製作精美的偽冒船公司網站及一些虛假貿易檔案，以營造貿易活動真實存在的假象。案中，不法集團以公司名義，向銀行聲稱付運約 8600 萬港元等值的貨物，因而公司戶口接收相應貨款，當銀行進行客戶盡職審查時，銀行職員根據集團提供的海運提單上的資料，瀏覽相應偽冒網站，得到相應虛假船務資訊，使集團成功矇混過關。

海關財富調查科財富調查第一組高級調查主任蔡劍輝解釋，「幽靈貿易」顧名思義為現實中根本不存在的貿易，沒有貨物真實的進出口。不法分子會利用虛假貿易文件，例如假合約、假單據去製造一些買賣記錄。而透過有關記錄，他們便會將黑錢假裝成合法貿易收入，從而將資金大額轉移，隱瞞了資金的真實來源，再將黑錢洗白。

Case 2 

香港印度海關偵破跨國鑽石貿易洗黑錢 涉款五億元

【Now 新聞台】2023 年 12 月 28 日

https://news.now.com/home/local/player?newsId=544433

節錄：香港海關聯同印度海關首次發現有不法集團以跨國鑽石貿易出口假的天然鑽石到印度，再匯款洗黑錢，涉款約五億元，兩地各有四人被捕。香港海關與印度海關聯手在本月 19 日起採取行動，發現一個犯罪集團開設公司，把人造鑽石當成天然鑽石，出口到印度，賺取差價，再匯至香港洗黑錢。 

海關財富調查科監督楊郁文：「天然鑽石的價格是人造鑽石的 100 倍，打一個比喻，這個洗黑錢集團只要每次把價值100 萬元的鑽石出口，就可以在海外把 99 萬的懷疑犯罪得益轉移到香港。」海關表示，天然鑽石和人造鑽石外觀上較相似，不過一般人難以分辨，需要找專家鑒定。行動中檢獲大量懷疑人造鑽石、少量天然鑽石、銀行卡、支票簿以及超過 100 萬現金等，調查期間公司的戶口紀錄引起海關懷疑。

海關財富調查第二組指揮官陳經緯：「我們發現被捕人士名下的公司在 2021 年有超過 130 次申報由香港出口天然鑽石到印度涉案公司的紀錄，重量約為 200 卡到 500 卡左右，而貨物的價值約為 200 萬到 500 萬港元不等。」香港和印度兩地各有 4 人被捕，海關將會進一步調查被捕人士的背景和資金流向。

延伸閱讀／參考資料： 

HMRC Guidance on Trade-Based Money Laundering Techniques

Marco B.

https://www.linkedin.com/posts/marco-b-8121922_trade-based-money-laundering-tbml-handbook-activity-7405513163200409600-MUrE?rcm=ACoAAAfplGUByyc4TTjRahGeIcksY69567w_dxo

Excerpt: The TBML Handbook breaks down how criminals exploit trade finance, customs processes, and international supply chains to disguise the movement of illicit funds. Even without deep trade-finance expertise, the guidance offers clear indicators and practical angles for investigation.

Key techniques highlighted in the handbook: 

Fictitious or “ghost” trading

Goods never exist, yet full invoices, shipping documents, and customs entries are created through collusion — enabling seamless value transfer.

Over- and under-invoicing

Manipulating the price of goods or services to shift value internationally. HMRC notes that over-invoicing exports can be particularly effective due to limited scrutiny compared to imports.

Multiple invoicing

Reusing the same shipment documentation to justify several payments across multiple banks — exploiting fragmented oversight.

Misdescription of goods or services

Shipping low-value items while invoicing high-value commodities, or disguising service-based transactions where verification is harder.

Vulnerabilities in open-account trade

With around 80% of global trade conducted on open-account terms, the lack of bank oversight creates an attractive channel for TBML.

 

UK Government, HM Revenue & Customs

Trade-based money laundering Handbook

Oct 29, 2025

https://mail.proton.me/u/0/inbox/Ko7--hmJ03fR1rD5p__BDqfDLO0QJrOZfFNpvE94l94tzbMiC8JW32WEJuHFnDL4Rjy5x_VwfsHcuYwJtfZwYA==

 

AML 101: 4 TRADE BASED MONEY LAUDERING (TBML)

October 28, 2020

http://velvetdice.in/aml-101-4-trade-based-money-laudering/

Red flags for ML (Money Laundering) through TBML (Trade Based Money Laundering)

• Significant discrepancies between the description of goods on the bill of lading and on the invoice, which could indicate over- or under-invoicing, over- or under-shipping or a false description of the goods

• A letter of credit that fails to call for the presentation of transport documents

• A letter of credit that fails to call for the presentation of transport documents

• Unusually favourable payment terms (such as an interest rate far above the market rate)

• A letter of credit transferee or assignee in an offshore financial centre

• A quantity of goods that exceeds the known capacity of the shipping container or tanker or other vessel

• Odd client behaviour. Examples include requesting an unusual degree of confidentiality, not providing clear answers to routine commercial, financial or technical questions and approaches from an unknown third party whose identity is not clear or convincing.

Investopedia -

What Is Hawala? Money Transfer Without Money Movement

https://www.investopedia.com/terms/h/hawala.asp

What Is Hawala? Hawala, an ancient method of money transfer originating in South Asia, enables the movement of funds without the physical transfer of currency. Known for its reliance on trust rather than official promissory notes, it operates outside traditional banking systems, particularly benefiting those in regions with limited access to formal financial networks. By facilitating swift, cost-effective remittances, hawala serves as an alternative remittance channel, especially for migrants and expatriates. However, its unregulated nature also attracts illicit activities, leading many countries to impose strict regulations or outright bans.

Key Points:

• Hawala is an informal money transfer system, operating outside traditional banking, that relies heavily on trust and personal networks to move funds without actual money changing hands.

• Originally developed in South Asia, hawala remains a popular alternative for sending remittances due to its low fees, speed, and accessibility, particularly in regions lacking formal banking infrastructure.

• While beneficial for quick, low-cost financial transactions, hawala systems also pose risks as they can be exploited for money laundering, tax evasion, and financing terrorism due to their lack of formal records.

• Many countries, such as the U.S. and India, have laws against hawala due to regulatory and anti-money laundering concerns, though it remains legal under strict regulations in places like Dubai.

• Fintech solutions have started to incorporate elements of the hawala model to aid financial inclusion in underbanked regions through mobile banking and payment platforms.

相關的文章： 

金山黑錢

2020 年 5 月 8 日

http://xiaoshousha.blogspot.com/2020/05/blog-post.html

節錄：洗黑錢也有類似的做法，表面上是正常的跨國商品貿易，犯罪集團透過誇大或縮小買賣的金額或同一批貨多次出單，把黑錢從一個國家轉移到另一個國家。由於銀行未能完全掌握交易的全貌（英文的說法是 Limited visibility），會在不知不覺間被犯罪集團所利用。這種運用跨國商品貿易掩飾洗黑錢的手法，金融業術語叫 Trade Based Money Laundering (TBML) 。

移形換影

2020 年 12 月 12 日

http://xiaoshousha.blogspot.com/2020/12/blog-post.html

節錄：操作方法：墨西哥毒販把美元現金當面交給中間人（大陸商人 A ），根據議定的匯率轉換成人民幣。然後商人 A 動用自己的中銀賬戶，把等值的人民幣轉移到商人 B 的中銀賬戶，而商人 B 身處墨西哥又或者有辦法拿到墨西哥披索。商人 B 可以透過以下任何一種方法把錢送交墨西哥毒販：1. （按照議定的匯率）把等值的墨西哥披索直接交給毒販或對方派來的人。2. 商人 B 用那筆人民幣在中國境內採購廉價的消費品，例如服裝、鞋類或電子產品，然後運往墨西哥出售，表面上是正當的跨國商品貿易，文件上的表述和數字是真的，然後把所得收入（墨西哥披索）直接交給毒販或對方派來的人。如果選 2. 便是運用跨國的商品貿易掩飾洗黑錢，金融業術語叫 Trade-Based Money Laundering (TBML) 。

偷龍轉鳳

2017 年 4 月 26 日

http://xiaoshousha.blogspot.com/2017/04/blog-post_26.html

節錄：背後的原因，是印度有一個規模龐大的地下經濟體系，黑市交易活動頻繁，偽鈔、逃稅和貪污也非常猖獗，令官府的稅收嚴重流失，官方的統計數字失去參考價值。莫迪此舉令銀行門前出現長長的人龍，老百姓被迫放下工作排隊，生活節奏被打亂，令民間怨聲載道。英語傳媒認為莫迪此舉是兵行險著，試圖解決一些困擾印度多年的結構性問題，令經濟活動重回正軌，以及穩定政府的財政收入。