The identification of suspicious transactions by financial institutions offers an important means of fighting human trafficking, the U.S. State Department said in a report Friday.
State and federal measures designed to combat international human trafficking and child labor will obligate financial institutions to apply tougher due diligence standards to corporate accounts, a federal judge said Monday.
Some of the country's largest banks are increasingly monitoring account activity for signs of possible human trafficking, according to individuals familiar with the initiatives.
Western Union will pay $94 million to resolve claims by the Arizona Attorney General's office that the company wasn't doing enough to combat Mexican money launderers and human traffickers.
Human trafficking profits are estimated to be between 10 and 40 billion dollars annually, but few people are taking the time to root out the related money laundering transactions, Dr. Louise Shelley told reporter Larissa Bernardes.
print