Perspective
Sep. 18, 2014
Trade-based money laundering leads to jail time
The DOJ is tightening its grip on enforcing anti-money laundering laws and spending enormous resources investigating complex money laundering schemes. By Christine Bautista
Recent U.S. Department of Justice prosecutions reveal a growing trend in prosecuting major financial institutions for technical violations of the Bank Secrecy Act (BSA) or for engaging in financial transactions in violation of U.S. law. Notably, such prosecutions - even those involving a bank's participation in a Black Market Peso Exchange scheme (BMPE) - thus far have led to settlements involving billions of dollars in fines yet no imp...
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