In the wake of the Manafort revelations, John Cassara, noted money laundering expert, has written a scathing article in Politico. In the article (which I recommend you read in full), he describes the Bank Secrecy Act as outdated, inefficient and expensive, and rightly articulates that it is impossible to get a real sense of the scope of the money laundering problem in the US, but also internationally. He goes on to write that some people in government and in the industry suggest that US AML/CFT laws are all about disruption or deterrence, but Cassara argues that it’s really about law enforcement – and the US is doing a lousy job of it. He makes a compelling argument that money laundering is not a victimless crime – that in fact, “It’s a crime that sustains devastating drug epidemics—opioids, methamphetamines, cocaine. Gang violence, fraud in government programs, corruption, internet scams, identity theft and so many other crimes affect our daily lives.”

 

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