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The Many Faces of Meth: |
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(Source: Multnomah County Sheriff's Office - Faces of Meth™) |
Money Launderers Employ New Methods
Money launderers are using prepaid ATM cards and Internet-based payment systems to help launder billions in profits from the illicit-drug trade and possibly finance terrorist operations, USA Today reported Jan. 12.
The U.S. Treasury Department issued a comprehensive report on money laundering that spotlighted security holes in the U.S. financial system. While smuggling bulk quantities of cash remains the main method for illicitly moving cash out of the U.S., traffickers have also turned to more high-tech methods, including prepaid cash cards that can be used to make purchases at stores or drawn down at ATM machines worldwide.
"The volume of dirty money circulating through the United States is vast, and criminals are enjoying new advantages with globalization," the report said.
The United Nations estimates that the illegal drug trade alone generates about $142 billion in the U.S., Canada, and Mexico. "The key to ending drug trafficking is to wipe out the money side," said Drug Enforcement Administration chief Karen Tandy.
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