Money launderers remain ahead of authorities by using ‘sophisticated methods’, US expert says

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October 5 2017

Money launderers are using more sophisticated methods to remain one step ahead of law enforcement, says one expert — so how do countries stop them? Allegations that the Commonwealth Bank breached anti-money laundering laws on almost 54,000 occasions have raised concerns that Australia’s financial system is exposed to criminal elements, including the likes of drug runners.

While the extent of the alleged breaches shocked the CBA and regulators, a former US Treasury official and undercover intelligence agent said he was not surprised. John Cassara has come face-to-face with money launderers over a 26-year career, and he warned that both the US and Australia were losing the battle in enforcing money laundering laws.