The multi-million dollar human trafficking industry, one of the world's fastest growing and most lucrative endeavors, is now a central target of the powerful U.S. money laundering law. The Trafficking Victims Protection Reauthorization Act, which became law on January 10, added human trafficking to the list of "specified unlawful activities" under the money laundering law, which means that the proceeds of this crime can serve as a predicate to a money laundering prosecution. The new law coincides with the greater attention that is being given around the world to the financial aspects of human trafficking. Last year, the Paris-based Financial...
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.
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