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Financial Institutions Should Be Clear About Why They File SARs, says New York HIFCA director
printAs director of the New York and northern New Jersey division of the U.S. Treasury Department's High Intensity Financial Crime Area (HIFCA), Gary Murray knows well that money launderers apply the old saw: location, location, location. In New York-one of the nation's seven financial crime hotspots-many of the cases HIFCA analysts see involve economic crime such as the Black Market Peso Exchange, an elaborate method used by drug traffickers to move dirty money undetected. To combat the crimes, the organization has launched an information sharing program with local financial institutions. Murray, who will be leaving HIFCA in two weeks to...
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