Last week, the House Financial Services Committee Subcommittee on National Security, International Development and Monetary Policy held a hearing on transnational trafficking networks and illicit finances. Titled “The Traffickers’ Roadmap: How Bad Actors Exploit Financial Systems to Facilitate the Illicit Trade in People, Animals, Drugs, and Weapons,” the hearing was billed as the beginning of a bi-partisan counter-trafficking initiative to explore legislation to improve (i) the financial sector’s role in identifying trafficking; and (ii) communication ...
Anti-Money Laundering and Know Your Customer departments at financial institutions are on the front lines of human trafficking. Not only does enhanced transaction monitoring help law enforcement identify trafficking circumstances through generation of Suspicious Activity Reports but it helps avoid high risk lending relationships and cuts the power source of businesses or people who facilitate trafficking.
Recently, there has been an emergence of legal action related to organizational responsibility for human trafficking. In November, the Australian Transaction ...
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