The Office of National Drug Control Policy (ONDCP)

Preventing Money Laundering: A Key to Financial Stability and National Security

Money laundering is a serious threat to financial stability and national security. It allows drug traffickers to enjoy a comfortable lifestyle without being legally entitled to it.

The Role of Financial Institutions and Businesses

• Financial institutions and businesses are required by law to report any suspicious transactions or activities to the ONDCP.
• Any business that receives large quantities of cash, such as $10,000 or more, should be vigilant against the possibility that their facilities could be used to unload criminally obtained funds.

Reporting Suspicious Activity

Ordinary citizens can also contribute to financial stability and national security by reporting any odd, irregular, or suspicious financial activity to the ONDCP or the Police. Scams, such as fake lotteries or inheritance schemes, are examples of money laundering and should be reported.

The Dangers of Money Laundering

Money laundering has a greater and more dangerous potential than merely making criminals rich. It can undermine legitimate business, contribute to instability in the financial system, lead to loss of control over economic policy, tarnish a country’s financial reputation, and have social costs.

The ONDCP’s Supervision of Financial Institutions

The ONDCP supervises financial institutions to determine whether they are being used as depositories for funds intended for use in carrying out acts of terror or supporting terrorist infrastructures. Constant reporting by financial institutions is required by law, and vigilance is working to undermine any attempt to use financial facilities for such purposes.

Conclusion

The threat to financial stability and national security is real, and all within the financial sector need to remain vigilant and report any suspicious transactions or activity to the appropriate authorities. Every citizen can contribute to financial stability and national security by reporting any odd, irregular, or suspicious financial activity.

Key Points

• Money laundering allows drug traffickers to enjoy a comfortable lifestyle without being legally entitled to it.
• Financial institutions and businesses are required by law to report any suspicious transactions or activities to the ONDCP.
• Ordinary citizens can contribute to financial stability and national security by reporting any odd, irregular, or suspicious financial activity.
• Money laundering has a greater and more dangerous potential than merely making criminals rich.
• The ONDCP supervises financial institutions to determine whether they are being used as depositories for funds intended for use in carrying out acts of terror or supporting terrorist infrastructures.