In Santo Domingo, Dom.- Meliton Cordero, the supervisor of the United States Drug Enforcement Administration’s (DEA) Santo Domingo office, emphasized the banking sector’s role, especially that of compliance officers, in identifying potential money laundering cases. He noted that these efforts have instigated or served as crucial evidence in the investigation and prosecution of these cases.
Cordero spoke at the Latin American Congress on the Prevention of Money Laundering and Financing of Terrorism (COPLAFT), an event put on by the Association of Multiple Banks of the Dominican Republic (ABA) and the Latin American Federation of Banks (FELABAN).
“Law enforcement is often featured in the news, but less is said about you, the enforcement officers who frequently uncover cases for us to investigate,” Cordero stated in his talk, stressing the significance of these roles in combating organized crime.
He further pointed out that banks and private sector organizations are “faithfully doing their work daily,” which significantly aids both national and local authorities in identifying irregularities.
To enlighten COPLAFT attendees, he presented several actual DEA investigation cases in collaboration with Dominican authorities, revealing intricate money laundering schemes operating between the United States and the Dominican Republic.
In another session, Carlos Aldana, Bancolombia’s Vice President of Compliance, said that new careers and start-ups related to technology, such as influencers, YouTubers, content creators for adults, and fintechs, present operational and regulatory challenges for the banking sector and authorities tasked with preventing money laundering in Latin American countries.
Aldana stated that post-pandemic, there has been a significant surge in individuals pursuing these professions. He noted Colombia and Brazil as examples, where it’s estimated that there are 650,000 and 2 million influencers respectively, who mobilize considerable resources and have large followers.
He explained that due to these factors and an unadapted regulatory framework, these professions are susceptible to being exploited for money laundering and other organized crime activities. Hence, he proposed promoting financial education and formalizing these start-ups, in addition to regulatory measures, as potential prevention strategies.
Experts like Ramon Guzman, the president of the ABA Money Laundering Prevention Committee, discussed the use and potential of new technologies like Machine Learning and Blockchain to enhance risk mitigation within the banking sector.
Simultaneously, Gerardo Reyes, a Pulitzer Prize winner and head of the Univision network’s research unit, addressed the media’s role and contributions to investigative journalism and reporting against organized crime activities, including money laundering.
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