Hoping to help banks identify human traffickers and deny them access to the financial system, Sens. Elizabeth Warren (D-Mass) and Marco Rubio (R-Fla) introduced the End Banking for Human Traffickers Act of 2017. According to Warren’s press release, the bill would direct federal banking regulators to work with law enforcement and financial institutions to combat the use of the financial system for human trafficking. Human trafficking is pervasive and profitable for its perpetrators, who earn more than $150 billion each year from the exploitation of forced labor around the world, the release stated.
"Human trafficking is an ugly stain on humanity, and we need to use every possible tool to stop it," Warren said. "This bill will give financial institutions and regulators additional weapons to fight this terrible crime by helping them cut off traffickers' access to the banking system."
The bill’s fact sheet stated that it would:
- add financial intelligence and regulatory officers to the President’s Interagency Task Force to Monitor and Combat Trafficking in Persons to increase collaboration between law enforcement and experts in financial crimes;
- direct federal banking regulators to work with law enforcement and financial institutions to combat the use of the financial system for human trafficking; and
- require the Interagency Task Force to review existing anti-money laundering programs and, if necessary, develop recommendations for Congress and regulators that would strengthen such programs to better target human trafficking. The Task Force is to draw on the expertise of the public, private, and non-profit sectors, identifying successful anti-trafficking programs and proposing new measures to ensure that the banking system is not used to facilitate human trafficking.
