The U.S. House Financial Services Committee held a virtual hearing on human trafficking

Virtual Hearing – Ending Exploitation: How the Financial System Can Work to Dismantle the Business of Human Trafficking

Subcommittee on National Security, International Development and Monetary Policy

Excerpt from Committee Memorandum : Human trafficking is defined by the Financial Crimes Enforcement Network (FinCEN) as “the act of recruiting, harboring, transporting, providing or obtaining a person for forced labor or commercial sex acts through the use of force, fraud or coercion.”1 This exploitation touches every geographic corner and economic strata of the U.S. and beyond.2 Proceeds of the human trafficking business – which includes sexual exploitation, forced labor (often involving global supply chainsor recruitment into military service), domestic servitude, and even organ trafficking3– are valued at more than $150 billion per year,4 with more than 25 million trafficking victims worldwide.

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