“…To cope with speculative capital, short-term capital control remains an effective tool to protect financial markets in EMDEs from disorderly shock. Therefore, cross-border money transferring accompanied by trade background has become one of the capital flow channels, which will cause cross-border capital flow and result in foreign exchange market turbulence (Naheem, 2016a(Naheem, , 2016bYousefi et al, 2018;Asongu, Akpan, & Isihak, 2018). Transferring capital with trade background has been declared Trade-based Money Laundering (TBML) by the Financial Action Task Force on Money Laundering (FATF, 2006), which means the illegal or speculative capital transferring along with international trades by means of overand under-true value of goods and services.…”