9 January 2013

U.S. law should deal harshly with individuals in the fight against money laundering

In a column published in the New York Times, Robert Mazur argues that making bankers more easily punishable under the law would help in the fight against professional money laundering.

Banks have laundered money for drug cartels and used schemes in order to move hundreds of millions of US Dollars to States that are subject to trade sanctions, such as Sudan, Cuba and Iran. Since 2006, more than a dozen banks have reached settlements with the Justice Department in the United States concerning violations related to money laundering. Mazur argues that ‘without the ability to “wash” billions of dollars of money from illicit sources each year and bank the untraceable profits’ both drug trade and terrorism as being criminal enterprises ‘would falter.’

Source: The New York Times | How to Halt the Terrorist Money Train