Latin American banks threatened by Money Laundering
According to Marcelo Di Bello, representative of the Latin American Federation of Banks (Felaban), Latin American banks are being threatened by money laundering.
During the Latin American Congress of Internal Audit and Risk Evaluation (Clain-Felaban 2010) that was held in Panama City on May 12-14, Bello said that drug-trafficking and weapons-trafficking are the illegal businesses seriously threatening financial institutions through money laundering. He also said that corruption and human trafficking are crimes connected with money laundering; however, they do not play the same roles as drug- trafficking and weapons-trafficking.
Bello warned that threats posed by criminal activities could eventually undermine the banks’ operations and reputations, and added that “The financial institutions related to these activities could be led to bankruptcy”.
The Clain-Felaban 2010 is sponsored by the Banking Association of Panama. The event gathers Latin American bankers and finance experts in order to discuss common policies that would improve the development of the regional financial systems.