Major anti-money laundering conference set in South Florida

NetSpend, Wells Fargo And PayPal
NetSpend, Wells Fargo And PayPal

HOLLYWOOD, Fla. (AP) — A major conference on combatting global money laundering is drawing bankers, government regulators, law enforcement officials and hundreds of others to South Florida.

The three-day event opening Monday at a Hollywood hotel is sponsored by the Association of Certified Anti-Money Laundering Specialists. It comes amid an international controversy over leaked documents from a Panama law firm showing how offshore shell corporations are used to launder money from crimes such as drug trafficking and government corruption.

The conference also coincides with a U.S. Treasury Department effort to more closely monitor large, cash-only real estate purchases in Miami and New York for money laundering activity. A senior Treasury official responsible for that initiative is set to speak Tuesday.

Authorities say South Florida has long been a hub for international money laundering.

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