“‘The FinCEN files illustrate the alarming truth that an enormous amount of illicit money is sloshing around our financial system, and that U.S. banks play host and facilitator to rogues and criminals that represent some of America’s most insidious national security threats,’ said Elizabeth Rosenberg, a former Treasury sanctions official.

“‘But the devastating problem is not that bad people move dirty money—a feature of every system of currency and exchange in history,’ she said. The problem is that the U.S. doesn’t have strong enough transparency laws that ban anonymous companies and require the true owners of firms to be identified, said Ms. Rosenberg, now at the Center for New American Security…”

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