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. During a confirmation hearing Thursday, Sen. Elizabeth Warren (D-MA) said the bill would ask the U.S. Treasury Department and financial companies to step up their efforts to prevent human trafficking. The illicit industry profits as much as $150 billion annually, in part through the misuse of bank accounts, credit cards and money services businesses, she said. "I am concerned that money laundering related to human trafficking has not received as much attention by financial institutions or...
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.
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More than a dozen governments are working with the Financial Action Task Force to draft guidance on how to identify financial transactions tied to human trafficking, say individuals familiar with the matter.