The old adage “It takes money to make money” still rings true today. But a more modern twist might be, “It takes money and anonymity to amass heaps of money.”
Today’s criminals have ample opportunities to hide their identities, whether by leveraging the anonymity associated with banking accounts at financial institutions across the globe or by using the cover of anonymous shell corporations to mask ownership of corporate entities and partnerships. For far too long, the American financial system and corporate structures have been exploited to enable the actions and transactions of the worst of the worst — think drug cartels, African warlords engaged in mass atrocities, and members of the wealthy elite seeking to dodge income taxes.
The above excerpt was originally published in American Banker.
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