LATIN AMERICA ADVISOR

Financial AMERICA ADVISOR

A daily publication Of the dialogue

July 11, 2023

Will U.S. Anti-Money Laundering Efforts Prove Effective?

Legislation currently under debate in the U.S. Senate would allow the U.S. Treasury (pictured) to increase penalties for money laundering. // File Photo: U.S. Treasury.

Q

A

Cecilia Farfán-Méndez, head of research at the Center for U.S.-Mexican Studies at the University of California San Diego: “Follow-the-money approaches are certainly not new. The counternarcotics program at the U.S. Treasury’s Office of Foreign Assets Control has been operating for many years, including with a focus on Mexican criminal organizations. However, in view of the tremendous loss of life to accidental overdoses, public officials need to signal that they care and that they are acting. Prosecuting money laundering is not that easy. If we look at the number of sentences, there are typically fewer than 1,000 per year in the United States, which is arguably a high-capacity jurisdiction. This speaks to the difficulty of putting together cases and also plea bargains. The efficacy of these measures, however, will also largely depend on cooperation from other jurisdictions, in this case China and Mexico. With China, we know the United States has had significant obstacles in getting…”

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The chief executive officers of Brazil’s Itaú Unibanco and Bradesco voiced support for President Luiz Inácio Lula da Silva’s tax reform plan. // File Photo: Brazilian Government.

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ABOUT THE financial services ADVISOR

Covering Latin America’s banking and insurance sectors, remittances trends and data, micro lending issues, new technologies in the industry, anti-money laundering regulations, and much more, the Inter-American Dialogue’s biweekly Financial Services Advisor, a sister publication of the Latin America Advisor, gives readers fresh insight and diverse viewpoints from financial sector leaders. To subscribe or for more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.

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Staff

Gene Kuleta
Editor
P. 202.463.2920
E. gkuleta@thedialogue.org

Carl David
Goette-Luciak
Reporter

Nili Blanck
Reporter

board of advisors

Ernesto Armenteros
Vice Chairman
of the Board,
Banco de Ahorro y Credito Union

Jimena Blanco
Chief Analyst,
Verisk Maplecroft

Richard Child
CEO,
Mattrix Group

Michael Diaz
Partner,
Diaz, Reus & Targ, LLP

Ernesto Fernández Holmann
Chairman of the Board,
Ayucus

Desiree Green
Vice President,
Int’l Gov’t Affairs,
Prudential Financial

Earl Jarrett
Deputy Chairman & CEO
The Jamaica National Group

Barbara Kotschwar
Professor of Political Economy,
Georgetown University

Thomas Morante
Attorney,
Carlton Fields

Manuel Orozco
Senior Fellow,
Inter-American Dialogue

Adalberto Palma Gómez
Senior Partner,
Aperture SC

Rodolfo Pittaluga
Adjunct Professor,
Florida International University
College of Law

Roberto Teixeira da Costa
Founder & Board Member Emeritus, CEBRI

Mario Trujillo
CEO,
DolEx Dollar Express

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