Financial institutions are increasingly able to gather and share information on transactions and clients allegedly tied to human trafficking operations, but still largely rely on requests for specific data from regulators and investigators to successfully screen for the crime, say sources. Human-trafficking, which includes labor exploitation, sexual slavery, organ harvesting, forced participation in crimes and other gross violations of human rights, is estimated to be the fastest-growing form of criminal enterprise, claiming more than 20 million victims worldwide and generating $32 billion in annual revenue, according to figures cited by U.S. officials. Despite its prevalence, most lenders remain unlikely to...
The "often unremarkable" money trail left by human traffickers is hindering banks from detecting their illicit funds, according to financial professionals cited by a U.K. policy center.
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