Linda Lacewell: Dirty Trillions

Posted by admin on Monday, September 21, 2020

Linda Lacewell Money Quote saying banks appear to ignore illicit funds flowing through their accounts after filing pointless required paperwork. Linda Lacewell said:


Trillions of dollars in dirty money gushes through the financial system in a toxic stew of criminal proceeds. Banks must put integrity at the center of what they do and empower compliance personnel to act. The SAR should be the beginning of the analysis not the end. We must act” — Linda Lacewell


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In this quote, Linda Lacewell seems to be strongly criticizing how financial institutions currently handle illicit funds flowing through the global economic system. By referring to “trillions of dollars in dirty money gushing through in a toxic stew of criminal proceeds”, Lacewell portrays the sheer scale of illegal funds being intermixed with legitimate wealth.

Her statements that “banks must put integrity at the center” and empower staff to thoroughly investigate suspicious transactions, rather than viewing SAR filings as the end point, conveys Lacewell’s perspective that more proactive policing of criminal financing is needed from within private sector organizations.

Overall, the quote portrays Lacewell’s view that the status quo is insufficient, and that banks must prioritize rooting out dirty money more aggressively through empowered compliance teams that see investigations as ongoing rather than cursory checkbox exercises. She appears to be advocating for reforming how the financial industry self-regulates regarding criminal financing.



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