Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016


PANAMA CITY -- Money launderers will roam the Internet at will in the next century if financial institutions fail to adopt preventive measures, a senior U.S. Treasury official warned last week.

"National borders and the capacity of Central Banks are changing via the Internet," said Stanley Morris of the U.S. Treasury Department's financial crimes enforcement network.

"Financial services are becoming more global, which makes it difficult for individual governments to design an effective program against money laundering," Morris said.

Experts are concerned that the Internet will facilitate anonymous international cash transfers, which could be a dream come true for criminals seeking to launder money.

Computerized cash cards are also becoming a reality in several European countries, and consumers in the United States will soon be able to charge everything from wine to clothing on the Internet.

Traditonal methods of fighting money laundering would no longer work in the next century, Morris said. ()