U.S. Treasury to check into banks

Tuesday, November 20, 2012
 | 
Russ Jones (OneNewsNow.com)

A former undercover agent for the DEA says the government's plan for a U.S. Treasury task force to analyze and address alleged lapses in the nation's defense against narco-terrorist money laundering misses the mark.

Banking experts report that U.S. and European banks launder upwards of $500 billion from illegal drugs each year.

Robert Mazur, the former Drug Enforcement Administration agent who brought down the Bank of Credit and Commerce International -- the  seventh largest privately-held bank -- argues that banks have already admitted to committing criminal offenses. Adding more bureaucracy and paperwork, he says, is not the resolution.

"What I don't understand is how banks launder money but people do not," he poses. "That is why I think that this task force really should reconsider their approach and be proactive in looking internally at the activities of international banks. It is a very easy thing to do."

Muzar, also author of The Infiltrator: My Secret Life Inside the Dirty Banks Behind Pablo Escobar's Medellin Cartel, suggests that investigators simply need to work backwards to identify what kinds of entities would move large amounts of cash.

"One of the simple things that can be done is to gain the cooperation of the Federal Reserve and follow back the trail of the repatriated currency that comes into our country, at times in 40-foot containers," he tells OneNewsNow. "If you did that and you forced cooperation from central banks in our ally nations, or tried to get that through diplomacy, you would be on your way to finding out who's bringing in the biggest amounts of cash."

According to a Treasury spokesman, the task force is expected to do its work over the next year.

We moderate all reader comments, usually within 24 hours of posting (longer on weekends). Please limit your comment to 300 words or less and ensure it addresses the article. Comments that contain a link (URL), an inordinate number of words in ALL CAPS, rude remarks directed at other readers, or profanity/vulgarity will not be approved. More details

SIGN UP FOR OUR DAILY NEWSBRIEF

SUBSCRIBE

VOTE IN OUR POLL

When will public opinion turn against the Left's efforts to force 'transgender rights' on Americans?

CAST YOUR VOTE

GET PUSH NOTIFICATIONS

SUBSCRIBE

LATEST AP HEADLINES

On cutting-edge voter data, Trump critically behind Clinton
AP-NORC Poll: Voters feel disconnected, helpless in 2016
Palestinian arrested after stabbing soldier in Tel Aviv
Obama marks Memorial Day at Arlington National Cemetery
Dead whale found on bow of cruise ship entering Alaska port
Floods in Texas, Kansas leave at least 6 dead, 2 missing
Philippine military says 54 Muslim rebels killed in south
Tropical Depression Bonnie brings heavy rain to Carolinas

LATEST FROM THE WEB

GOP convention no-shows threaten to undercut Trump unity push
Rising Obamacare costs could hurt Hillary
Christian military vets bike over 2,700 miles across America to spread awareness of PTSD
Swiss village will pay fine rather than take in refugees
Doubling down: Top Trump aide defends slam on New Mexico gov

CARTOON OF THE DAY

Cartoon of the Day
NEXT STORY
Hospitals will see massive layoffs, decline in 2013

Hospitals are expected to cut some 93,000 jobs in 2013 in anticipation of ObamaCare. A former presidential candidate and conservative advocate says America needs to prepare for major changes in the medical industry.