Finacial safety

In fight against money laundering and terror finance, 'the emperor wears no clothes'

When I was a boy, I loved the fairytale, "The Emperor Wears No Clothes."

Unfortunately, the metaphor could well be used to describe our efforts against international money laundering.  The overwhelming majority of observers are unwilling to see what is obvious: our anti-money laundering efforts are just a percentage point away from total failure.

But, this is no fairytale.  The worldwide failure to combat money laundering has a dramatic impact.  Why?  Because outside of crimes of passion—for example, murder committed in a jealous rage—criminals, kleptocrats, and some unscrupulous companies are motivated by greed. 

In today’s interconnected world, the manifestations of unfettered avarice impact us all.  We see it in our communities: the opioid, meth, and cocaine epidemics are devastating. Human trafficking, fraud in government programs, and identity theft can affect our daily lives.  Of course, money laundering and terror finance also impact national security.