The United States occupies a uniquely important place in this global effort to rid the world of dirty money. In 2019 alone, U.S. fines issued in connection with non-compliance with money laundering, customer due diligence, and sanctions regulations exceeded $8 billion. The documents, dubbed the “FinCEN Files,” depict a financial system that is both flooded with the proceeds of crime and also itself a playground for money launderers, Ponzi schemers and other financial criminals. Furthermore, the concerning activities documented in the FinCEN Files are only known to us because regulated financial entities complied with their legal obligations by reporting suspicious behavior to authorities. Many shortcomings and missteps made possible the world described in the FinCEN Files.
Source: The Guardian June 23, 2022 14:29 UTC