John Cassara says that history has shown us that our efforts in anti-money laundering – following dirty money, identifying and taking away illicit proceeds, and punishing money launderers – is abysmal. What can we do to change this?
Many US banks, such as Wachovia and Citigroup, have run afoul of money laundering rules. Regulators investigate. Hearings are held. Headlines are generated. Reputations are tarnished. But where is the outrage over the day-to-day money laundering that is much greater in size and scope than the alleged practices by the banks?
M-payment remittances are replacing traditional banks and money services that have historically charged high fees for small transfers. The advantages and pitfalls of these M-payments for law enforcement and financial services are many. Former US Treasury Special Agent John Cassara maps what he sees in the road ahead and gives advice for protecting your firm.
Trade-based money laundering can take many forms, from simple bartering to commodity exchanges. As long as the parties don’t get too greedy, they can go virtually undetected. John Cassara, former intelligence officer and Treasury Department special agent, invented the concept of Trade Transparency Units. Today, he talks about the value of analytics in countering trade-based money laundering.
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