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A pair of U.S. senators introduced legislation Wednesday aimed at strengthening and expanding the role of financial institutions in fighting human trafficking.
Organized crime groups and blacklisted terrorist organizations have taken advantage of the lack of attention and oversight in recent years to infiltrate the gold sector, according to an expert at Geneva-based Global Initiative Against Transnational Organized Crime.
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.
A U.S. lawmaker is drafting legislation to prod governmental officials and financial institutions to better cooperate in efforts to stop human trafficking and smuggling.
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.
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More than a dozen governments are working with the Financial Action Task Force to draft guidance on how to identify financial transactions tied to human trafficking, say individuals familiar with the matter.
A new U.S. Justice Department initiative to combat human trafficking has caught the attention of federal bank examiners, who are asking banks about transactions tied to the crime.
Dozens of U.S. banks have begun sharing suspicious transaction data without the use of formal bank-to-bank requests in an effort to better detect potential fraud and money laundering, say compliance officers.
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.
The case points to the difficulties that large money service businesses face in detecting compliance violations at associated stores, compliance consultants say.
