The Wall Street Journal on 2nd August published a short article referring to a report from FATF and the Asia/Pacific Group on Money Laundering that, inter alia, how proceeds from trafficking are being laundered. FATF cited a statistic from the International Labor Organization (ILO) that found the proceeds generated through human trafficking increased $150 billion in 2017, a fivefold jump from $32 billion the FATF calculated in its 2011 report. It says that the report suggests ways the risk could be countered –
- with partnerships between the public sector, private sector, civil society and non-profit organisations to help detect and prevent human trafficking and money laundering; and
- better co-ordination within government between those combating human trafficking and those combating financial crime to ensure the full range of financial analysis tools are used to help detect human-trafficking networks.
The FATF report is at –