NEW YORK (Reuters) – Banks and credit card companies can play a crucial role in shutting down human traffickers by flagging the electronic fingerprints they leave behind, according to Manhattan District Attorney Cyrus Vance.
An estimated 14,000 to 17,000 people are smuggled into the United States each year and forced to work as domestic servants, labourers or in the sex trade, according to estimates from the DA’s office.
“All sorts of electronic and digital fingerprints are left when you have a crime committed or a business enterprise is being run,” said Vance. “Financial institutions are in a unique position to spot red flags in banking activity and report them to law enforcement.” Vance spoke yesterday at a roundtable that brought together major financial institutions and law enforcement agencies to discuss closer cooperation in the fight against human trafficking, a global business worth $32 billion a year, according to the US State Department.
The International Labour Organisation estimates almost 21 million people worldwide are victims of slavery or forced labour. Almost half are thought to be trafficked, either across borders or within their own countries.
The roundtable, held in New York, was part of a new initiative joined by JP Morgan Chase & Co, Citigroup Inc, Bank of America Corp, Wells Fargo & Co, Toronto Dominion Bank, Barclays, Western Union and American Express to fight trafficking.