Tracking Shady Finances

By Rachael Kosinski ‘18

A group of Bradley business students learned the challenges of identifying trade based money laundering from an expert in the field. Henry Balani, head of innovation at financial data management company Accuity, shared research with Dr. Joshua Lewer’s Money and Banking course.

“Trade based money laundering might not be an issue that is typically addressed, but the importance and changing dynamics to the banking sector needs to be understood,” said Lewer.

Balani has researched the money laundering niche, and despite his knowledge, said it’s difficult to detect the practice. As a result, he has applied economic theory to rooting it out.

Students came to understand the impact money laundering could have on global economy as a whole.

“He was extremely effective at discussing the issues with measuring money laundering in the global economy,” said political science and economics double major William Bessler ’16 of Bartonville, Illinois. “He explained what he hopes to do in his research to clarify the gaps in knowledge.”

Throughout the presentation, Balani gave real-world examples of TBML and its devastating effects.

“You hear about these terrorist activities and all of the bad things going on, but you don’t really go beyond the idea of how it’s happening,” said Balani. “Getting to the next level and reading beyond the headlines is very useful, then students could potentially do something about it as well.”

Balani’s message of awareness made students realize that no matter what section of business they hope to pursue, money laundering will have an affect on them.

“Money laundering will be an issue that I will have to deal with in my public service career,” said Bessler. “The knowledge I gained through his lecture will help me try to prevent the activity.”