The United States Government last Thursday released the inter-agency US Money Laundering Threat Assessment (MLTA), the first government-wide analysis of its kind, which investigates money laundering vulnerabilities across a spectrum of techniques used by criminals.
"Before you can effectively treat a problem, you must first have an accurate diagnosis. The Money Laundering Threat Assessment integrates information contributed by sixteen government agencies, as well as vital Bank Secrecy Act data provided to Treasury's Financial Crimes Enforcement Network (FinCEN) to evaluate the range of current and emerging US money laundering threats," announced Stuart Levey, the Treasury's Under Secretary for Terrorism and Financial Intelligence (TFI).
Sixteen US bureaus, offices and agencies collaborated on the MLTA from the Departments of Treasury, Justice, Homeland Security, the Board of Governors of the Federal Reserve System, and the United States Postal Service.
Each chapter of the MLTA profiles the characteristics of a specific method of money laundering, outlining the current legal and regulatory landscape and presenting known patterns of abuse, geographical concentrations, and real-world case studies.
The laundering methodologies investigated range from banks and money transmitters to alternative methods, such as casinos and trade-based money laundering. The MLTA also looks at new and emerging industries, such as online payment systems and stored value cards, which are vulnerable to illicit financial activities.
"By bringing together government-wide participants with the relevant expertise and experience, we were able to produce a report that should help policymakers, regulators, and the law enforcement community to make better-informed decisions in allocating resources and combating money laundering," Levey concluded.
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