Intersection of Anti-Money Laundering and Anti-Fraud Efforts

On September 23, 2008, James H. Freis, Director, US Financial Crimes Enforcement Network (FinCEN) addressed the Florida Bankers Association Town Hall Meeting about the Intersection of Anti-Money Laundering and Anti-Fraud Efforts. He noted that "acts of fraud and acts of money laundering are interconnected: the financial gain of the fraudulent activity ultimately needs to be integrated into the financial system. Therefore, money laundering is often a malignant and pernicious product of fraud. By fighting fraud, you are fighting money laundering."