Published: 29 Sep 2010

http://guardian.co.tt/business/business/2010/09/29/us-banks-and-regulators-fail-cut-money-laundering-0

One of the United State’s top fraud investigators is warning that America’s policing of money laundering is wide open to abuse.

Eric Lewis will tell a Congressional hearing on terrorist financing that billions of dollars are slipping through the US banking system. In a testimony ahead of the hearing on Tuesday he says that only international action can stop the laundering.

The US Committee on Financial Services is taking evidence on “trends in terrorism financing.” Lewis will tell the hearing the “powerful tools” to stop the laundering of drug and terrorist money “are not being used as vigorously and consistently as they could be.”