Give Due Credit to Banks Fighting Human Trafficking
Oct. 23, 2015
Last month’s confirmation hearing for Adam Szubin, who is seeking to become the U.S. Under Secretary for Terrorism and Financial Crime, lacked the fireworks that might have been expected given the Republican majority’s animosity toward the Obama administration’s agreement with Iran.
If there was a sour note in the hearings, according to a number of compliance professionals who watched, it was the suggestion from Sen. Elizabeth Warren (D-MA) that banks need to aggressively cut off human traffickers’ access to the global financial system. Warren said that the practice of modern day slavery generated $150 billion in profits for the traffickers. More...