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Banks, he said, have structured continuing education mechanisms to train directors, officers and employees to know how to prevent such crimes at the early stages. They have also established close ties with regulatory agencies to report any suspicious activity. Puerto Rico ranks 27th among the U.S. jurisdictions blowing the whistle on shady banking.
By definition, Money laundering aims to conceal some sort of illegal activity that generates large amounts of money, for example: drug trafficking, tax evasion, public corruption, mortgage fraud, among others. Such activity ultimately seeks, through different means, to hide the source of illegal gains, so that money can be used in the formal economy without detection of their true origin.
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