RealNews

Drug, terror rings find new ways to launder money

Drug traffickers and suspected terrorists are using prepaid ATM cards and Internet-based payment systems to help launder billions of dollars each year, the Treasury Department reported Wednesday in what it called the first government-wide analysis of money laundering in the USA. The analysis described security weaknesses throughout the U.S. financial system that enable criminals to hide illicitly obtained money, and to sneak it out of the country. The report, which included contributions from 16 federal agencies, will be used to help officials devise a national strategy to fight money laundering, Treasury Undersecretary Stuart Levey said. Full Story

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