Money laundering: what will criminal elements think of next?

Introduces the USA’s Food Stamp Program, which provides large amounts of money to poor people. Shows how this distribution system creates the potential for money laundering, through both the Electronic Benefits Transfer system and food stamp coupons, and the social costs of this misuse of funds. Points out that financial institutions are in a unique position to help the Food and Nutrition Service and law enforcement agencies combat this misuse, by identifying suspicious activities. Highlights six cases relating to food stamp trafficking; these illustrate how money laundering was involved and how financial institutions’ Know Your Customer/Customer Due Diligence policies and Suspicious Activity Reports can be used to minimise it.