Abstract
The ultimate goal of every business is to derive profit from providing goods and services. Unfortunately, the business of Human Trafficking is a very lucrative enterprise. Individuals who engage in Human Trafficking do so purely to derive profit. Given the risk that the flow of illicit funds from various fraudulent and illegal activities through financial institutions poses to the global and US Financial systems, the US Government has enacted laws and taken several steps to engage financial institutions as partners in the pursuit of detecting and controlling these crimes. There are specific parameters in regard to the tracking of those funds related to Human Trafficking. In this chapter we will review the basic tenants of money laundering, The Bank Secrecy Act, the Federal Crimes Enforcement Network (FinCen), and the FinCen Advisories that require financial institutions to “follow the money” in the effort to track, detect and report the illicit funds generated by traffickers for investigation and prosecution by various law enforcement agencies. We will also discuss the role of compliance and corporate social responsibility in financial institutions in regard to Human Trafficking.
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