We Must Hold Banks Accountable To Stop Money Laundering
By Linda Lacewell (September 29, 2020, 5:48 PM EDT) -- The so-called FinCEN Files investigation from the International Consortium of Investigative Journalists and BuzzFeed News showing $2 trillion in suspicious activity reports from global banks over a period of years has generated significant news coverage, and the stock markets shivered.
You might think cash is dead in a digital society but it is the lifeblood of criminal activity. The Federal Reserve reports $1.98 trillion in currency circulation, but only 5% sits in bank vaults. Half of existing currency is held abroad. The United Nations' Office on Drugs and Crime estimates the amount of money laundered globally in one year to be $800 billion to $2 trillion.
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