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. A White House executive order issued in September will require federal contractors to annually certify that they do not exploit trafficked labor. The order also requires contractors and subcontractors whose foreign receipts exceed $500,000 to post a compliance plan on the company's Web site or face contract termination, fines or prison sentences. "There's going to be a requirement to train a whole number of individuals in a setting on...
Last month's confirmation hearing for Adam Szubin, who is seeking to become undersecretary for Treasury 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.
Suspicious transaction reports are among the biggest leads for investigators into the money laundering operations of human trafficking and smuggling operations, an intergovernmental group said Wednesday.
More than a dozen governments are working with the Financial Action Task Force to draft guidance on how to identify financial transactions tied to human trafficking, say individuals familiar with the matter.