By Robert Mazur
Testimony in the ongoing New York federal trial of “El Chapo” Guzman offered a repeat of facts heard in hundreds of similar trials since the prosecution of Al Capone.
Despite that blaring reminder, governments, including the one now prosecuting El Chapo, appear to turn a deaf ear to the screaming need for a meaningful proactive global plan that will routinely identify and attack the world’s mega money launderers that enable criminal enterprises to corrode the free world.
For those who feel what we’ve been doing on the money laundering front is a success, please refer to the United Nations on Drugs & Crime estimate that annual revenue from global sales of illegal drugs is thought to be in the range of $400 billion.
Compare that to statistics concerning the annual forfeiture of drug proceeds by law enforcement and you’ll discover that more than 95% of annual illegal drug proceeds flow freely under the noses of law enforcement, regulators and compliance professionals into the world’s economy.
That’s not success.