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.

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