Despite the tightening and refining of global fiscal laws, the scourge of money laundering refuses to go away. Nearly 2 million suspicious activities reports (SARs) are filed by banks in the United States with Treasury Financial Crimes Enforcement Network (FinCEN). The reports are evaluated to determine their evidential value and know as to whether the money transfer that took place fall within the purview of relevant laws of curbing financial crimes and proper investigation shall be initiated. The dearth of staff in FinCEN makes it difficult to read and evaluate all reports received from banks.
Money laundering through legal banking channels and illegal Hundies from the developing countries to developed countries was not regarded as financial crime till the end 1970s. Such illegal transfers of money were channelized into investment. It was the transfer of drugs money to the countries of Western Europe and the US that compelled their leaders to do anti-money laundering legislations. In the United Kingdom “Financial Crimes Act” was enforced in September 2017. But even now double standard is applied to bring this law in action against the political and business elite of developing countries, who hold illegal assets there. That is why Prime Minister Imran Khan has appealed to the international community to take decisive action to prevent white collar criminals from “bleeding developing countries dry.” Will the UK and other developed countries of the west take seriously the address of Prime Minister the UN International Financial Accountability, Transparency and Integrity?