The war against money laundering: Can it be successful without undermining the confidentiality and privacy of those who carry out legitimate transactions?

Abstract

Money laundering is not an isolated criminal activity but is closely related to other criminal activities such as terrorism and drug trafficking, among others. These activities affect almost all countries because they corrupt governments and destabilize international financial systems. The greatest challenge for law enforcement is how to prevent money laundering, without undermining the privacy and confidentiality that financial institutions must respect. It is necessary to educate in the field of money laundering the professionals of law, auditing, and finance, so that they can identify those transactions that merit greater legal and financial scrutiny. Governments must clearly define the circumstances in which the right to privacy must yield to the need to eradicate a social evil.