Banks Join Fight Against Human Trafficking

Flagging Electronic Fingerprints of Traffickers

A roundtable discussion brought together major financial institutions and law enforcement agencies to discuss closer cooperation in the fight against human trafficking, a global business worth $32 billion a year, according to the U.S. State Department.  The roundtable, held in New York, was co-hosted by  Manhattan District Attorney Cyrus Vance and the Thomson Reuters Foundation.  It was part of a new initiative joined by JP Morgan Chase & Co, Citigroup Inc, Bank of America Corp, Wells Fargo & Co, Toronto Dominion Bank, Barclays, Western Union and American Express to fight trafficking.

“All sorts of electronic and digital fingerprints are left when you have a crime committed or a business enterprise is being run,” said Manhattan District Attorney Cyrus Vance.  “Trafficking at its heart is a crime motivated by money, and we have seen over the course of our prosecutions that there is much to be made. Financial institutions are in a unique position to spot red flags in banking activity and report them to law enforcement.”  Read more…