ATM cards used for money laundering

ATM cards used for money laundering
Tags: Bank / Credit Union, Debit / Credit, Regulatory Issues, Security
January 12, 2006

United Press International: Prepaid ATM/debit cards are increasingly being used to launder profits from crime out of the United States, a U.S. Treasury Department report says. The department released an analysis of security weaknesses using input from 16 federal agencies, and said smuggling cash in bulk remains the most popular method of money laundering. The DEA seized U.S. $2 billion in 2005, up from $500 million in 2003.