Elisa Martinuzzi, Columnist

The World Is Losing the Money Laundering Fight

The BuzzFeed/ICIJ report on suspicious activity reports is deeply troubling. Banks and their supervisors need to do much, much better.

September 21, 2020 at 9:55 AM EDT

By Elisa Martinuzzi

Elisa Martinuzzi is a Bloomberg Opinion columnist covering finance. She is a former managing editor for European finance at Bloomberg News.

Dirty cash.
Photographer: CBS Photo Archive/CBS

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We’ve just had the closest look yet at the global battle against money laundering, and it’s deeply troubling: Banks and their regulators are nowhere near restraining the flow of trillions of dollars of illicit funds.

Both the finance industry and the authorities are to blame. Without an urgent, concerted political effort, criminals — from drug dealers and terrorists to human traffickers — will keep the upper hand.

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