As Leaks Show Banks' Dirty Laundry, Is Jail The Best Fix?
Law360 (October 23, 2020, 4:21 PM EDT) -- As calls increase for fewer prosecution deals and more jail terms following the release of leaked data from U.S. government files showing major U.S. and U.K. banks are global money launderers, some finance attorneys with in-house experience think prison might not be the best answer.
The conversation around money laundering reforms is taking place after documents from the U.S Treasury Department's Financial Crimes Enforcement Network, or FinCEN, exploded into public view, showing trillions in suspicious bank transactions. As regulators grapple with next steps, the group of investigative journalists that disseminated the records published its own list of possible reforms.
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