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By Lisa Anderson
LONDON, Nov 18 (Thomson Reuters Foundation) - Closercollaboration between financial institutions and New York Cityprosecutors is improving the chances of uncovering andconvicting sex traffickers, according to Manhattan's topprosecutor, and a similar programme will be launched in Europe.
District Attorney Cyrus R. Vance, Jr. said a partnershipbetween institutions such as JPMorgan Chase, WesternUnion and Bank of America and law enforcement toshare data on client transactions was starting to pay dividends.
"I think we have stepped up our game," Vance told theThomson Reuters Foundation.
A speaker at the opening of the foundation's third annualTrust Women conference on Tuesday, Vance said data, such as thatproduced by the initiative, has led to 22 ongoing sextrafficking investigations and contributed to several trials andconvictions.
The success of the project, a joint initiative of theThomson Reuters Foundation and Vance's office, prompted thefoundation to announce plans to launch a similar campaign inEurope next year.
"We need good, innovative ideas. Can data come to therescue? The answer is yes," said Thomson Reuters Foundation CEOMonique Villa. "And data is used more and more to prosecute theslavers and make them pay for their crimes."
The expansion of the programme came as the latest globalslavery index estimated 35.8 million people are living inslavery: born into servitude, trafficked for sex work, trappedin debt bondage, or exploited for forced labour.
The global slavery business is estimated to be worth $150billion a year.
Vance's office first partnered with the Thomson ReutersFoundation in April 2013, assembling a working group of topfinancial institutions to explore how they could sharetechnology and mine stores of client data to discern patternsindicative of human trafficking.
"I think that bringing us all together was criticallyinstrumental in helping us move forward," said Vance.
The financial working group, which consulted with lawenforcement and leading anti-trafficking NGOs, included JPMorganChase & Co., Western Union, Barclays, Bank of America,Citigroup, TD Bank and Wells Fargo.
In January 2014, the working group released a white paperoffering guidance to financial institutions in how to identifycustomer traits and transaction patterns that may signal ahigher risk of human trafficking for labour or sex.
These red flags include regular transfer of funds fromemployee accounts back to the employer's account, cross-bordertransfer of funds inconsistent with the stated business purposeof the client and recurrent business transactions taking placeat odd hours and for suspiciously large amounts of money.
For example, experts said, a nail salon putting through acharge for $300 at 2 a.m. is probably providing more than amanicure/pedicure.
When financial institutions see such patterns they must filea report with the Financial Crimes Enforcement Network (FinCEN)of the U.S. Department of the Treasury.
Since the release of the white paper, Vance said, more banksare filing such reports and are working more proactively withthe District Attorney's office. (Reporting by Lisa Anderson, Editing by Ros Russell)
