Report says more than 50 U.S. credit unions at risk for money laundering activity
by: Sal Christ
A leaked government report on financial institutions says more than 50 U.S. credit unions are at risk for money laundering activities. It’s not yet clear if any New Mexico credit unions are on the list. The report was leaked to the Wall Street Journal.
The confidential, leaked report from the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is said to scrutinize activities of the nationwide credit unions that put said financial institutions at risk for money laundering activities. According to the Wall Street Journal, the leaked report states that “criminal groups and drug trafficking organizations may be actively targeting vulnerable credit unions to access the formal financial system” — in part via money-services businesses that allow individuals to send funds to friends and family in other countries.
Neither FinCEN nor the National Credit Union Association is commenting on the contents of the report or whether any New Mexico credit unions are on the list.continue reading »