Banks—the Unexpected Heroes in the War Against Human Trafficking [Fortune]
JP Morgan Chase & Co. (JPM)
Last jp morgan chase & co. earnings: 4/14 06:43 am
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Source: Fortune
Congress in March passed a historic statute to combat sex trafficking. It incentivizes Internet companies to remove sex trafficking-related content, such as advertisements for escorts. The law was desperately needed, but it’s just a start. Worldwide, criminals have enslaved 25 million human beings for forced labor or sexual exploitation—or some combination of the two. Each year, criminals rake in an estimated $150 billion from this “industry.” Google , Facebook , and other Internet and social media giants can help combat this scourge—but not alone. Banks and other financial institutions, which may unwittingly handle human traffickers’ money, are well-equipped to help. By devoting more resources to identifying traffickers and cooperating with law enforcement agencies, these institutions can bring perpetrators to justice. Trafficking is a well-known problem in less-developed countries. But it’s also a rampant issue here in the U.S. More than 8,500 cases were reported
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