The Western Hemisphere is the home of some of the world's largest money laundering centers. The ability to launder profits has played a significant role in the success of drug trafficking in this region. In spite of these facts, many individual countries still lack laws that criminalize crucial aspects of money laundering. Additionally, many countries have stringent bank secrecy laws that enable drug traffickers to easily hide their illegally acquired funds. So long as stringent banking laws exist in some countries, money laundering operations can thrive. This Note analyzes existing international schemes to combat money laundering. The Inter- American Drug Abuse Control Commission's Model Regulations are a large step in the fight against money laundering. This Note examines those proposed laws, concluding that the Organization of American States should adopt them. However, the Model Regulations could be even more comprehensive, and this Note considers various modifications and enhancements to the proposed system. This Note concludes by suggesting ways in which the countries of the Western Hemisphere can be even more effective in enacting anti-money laundering legislation.
Are Money Launderers All Washed Up in the Western Hemisphere--The OAS Model Regulations,
17 Hastings Int'l & Comp. L. Rev. 433
Available at: https://repository.uchastings.edu/hastings_international_comparative_law_review/vol17/iss2/6