Article: PayThink The pandemic has given launderers a new window

Article - Media, Publications

PayThink The pandemic has given launderers a new window

Martin Cheek, 11 May 2021

The shift to digital has also made it simpler for people to find ways to game the system and commit fraud, money laundering, and other illegal activities.

Thanks to the coronavirus, the vast majority of us now spend more time online than ever. Tasks that we once performed in person, such as going to the grocery store or buying stamps, are now done in the comfort of our own homes. Even going to the bank has become a virtual process, with more and more people opting to deposit checks and manage investments directly from their mobile phones. Continue reading “Article: PayThink The pandemic has given launderers a new window”

Article: Five ways Biden could crack down on dirty money and financial secrecy

Article - Academic, Publications

Five ways Biden could crack down on dirty money and financial secrecy

Brenda Medina, 01 April 2021

Early rhetoric from the Biden administration has encouraged anti-corruption advocates that the new president’s tenure in the White House may mark a turning point in the fight against dirty money and tax haven abuse — two overlapping problems made worse by a veil of secrecy that shields vast sums of money from tax collectors and law enforcement authorities.

“We will crack down on tax havens and illicit financing that contribute to income inequality, fund terrorism, and generate pernicious foreign influence,” the administration’s Interim National Security Strategic Guidance, released last month, says, identifying the fight against global corruption as a top security priority. The strategy mirrors promises Joe Biden made during his candidacy.

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Article: FinCEN Must Staff Up to Fulfill Reform Mandate, Director Says

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FinCEN Must Staff Up to Fulfill Reform Mandate, Director Says

Dylan Tokar, The Wall Street Journal, 02 March 2021

The U.S. Treasury Department’s financial crimes unit is focused on acquiring the resources it needs to implement sweeping new anti-money-laundering reforms—in a way that doesn’t unnecessarily burden the financial industry, its director said.

Putting into practice the anti-money-laundering legislation, which was passed in January as part of an annual defense-policy bill, is a priority of the Financial Crimes Enforcement Network, FinCEN Director Kenneth Blanco said Tuesday at a virtual conference hosted by International Institute of Bankers.

“The priority is to make sure that we do everything that we can to implement the [law], everything that we can to get FinCEN in a position where it can accomplish that,” Mr. Blanco said.

That means making sure FinCEN is “fully staffed” and “fully resourced,” and conducts outreach needed to carefully write regulations surrounding the law, he said.

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