Yesterday, an article I wrote about the near futility of our AML efforts was published in Politico. Here is the link:
https://www.politico.com/magazine/story/2018/02/27/paul-manafort-was-stupid-or-unlucky-most-money-launderers-get-away-with-it-217090
The editor asked me to use the recent indictment of Paul Manafort on money laundering and other charges as the hook for the article. So I used that as the opening and then did a riff on my November, 2017 testimony in front of the Senate Judiciary Committee explaining that by examining the metrics that matter - forfeitures and convictions - our AML efforts are "a decimal point away from failure." Certainly there are cases being made and law enforcement, regulators, compliance officers and many others deserve plenty of credit for the wonderful work they are doing under sometimes trying circumstances. It is just if we examine the magnitude of global money laundering, our efforts can only be described as failing. But what is the alternative? I'm writing a new book on the issue. What are your thoughts? What countermeasures do you think might be effective?
https://www.politico.com/magazine/story/2018/02/27/paul-manafort-was-stupid-or-unlucky-most-money-launderers-get-away-with-it-217090
The editor asked me to use the recent indictment of Paul Manafort on money laundering and other charges as the hook for the article. So I used that as the opening and then did a riff on my November, 2017 testimony in front of the Senate Judiciary Committee explaining that by examining the metrics that matter - forfeitures and convictions - our AML efforts are "a decimal point away from failure." Certainly there are cases being made and law enforcement, regulators, compliance officers and many others deserve plenty of credit for the wonderful work they are doing under sometimes trying circumstances. It is just if we examine the magnitude of global money laundering, our efforts can only be described as failing. But what is the alternative? I'm writing a new book on the issue. What are your thoughts? What countermeasures do you think might be effective?
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