This report defines TBML as "the use of trade to move value with the intent of obscuring the true origin of funds." TBML is known to be used to disguise proceeds of crime and to mask legitimately obtained funds that are directed toward terrorism and other criminal activity. TBML techniques range from simple fraud - such as the misrepresentation of prices, quantity, or quality of goods on an invoice - to complex networks of trade and financial transactions. The full extent of TBML as it affects Australia and its interests is currently unknown; however TBML is a significant concern for Australia, which relies on trade and foreign investment. It is likely, however, that TBML poses a more significant risk in regions where border security is not as restrictive as in Australia. There has been little research on TBML conducted internationally and within Australia. There is a need for research in this area in order to address existing knowledge gaps on the nature and extent of TBML and how to design national regulatory measures that will be effective. Given this gap in research-based knowledge on TBML, this report argues that the formation of a regulatory framework in Australia to address TBML is premature and unnecessary at this stage. More research is required in order to determine the nature, risks, and prevalence of TBML in Australia. 2 tables and 54 references