Anti-money laundering laws forcing banks to report data have become important foreign policy tools

Financial institutions use 'Know Your Client' standards to prevent money laundering

KYC standards include verifying customers' identities and conducting regular account checks for high-risk clients to avoid money laundering schemes. These standards obligate banks to report suspicious customers and activity.

The United States currently ranks number one for countries that enable the most financial secrecy

Financial secrecy refers to complex systems that make it easy for people and companies to hide assets. High levels of financial secrecy are associated with illegal activity, like drug trafficking and money laundering. Lax regulations around reporting who owns trusts, real estate, and businesses impact the United States' global financial secrecy ranking.

Organized crime, including money laundering, drains $1.96T from the global economy annually

Overall, financial crime drains $3T from the global economy, with organized crime making up nearly $2T of that total. Drug trafficking is the second-largest drain on the global economy.

Purchasing art is a common money laundering technique

Art is easy to transport internationally, susceptible to price inflation, and usually paid for with cash, making it a frequently used money laundering tactic. Additionally, loose regulations surrounding art transactions allow buyers to remain anonymous, adding an additional layer of ease for people trying to launder money.

The United States had a washing machine that cleaned dirty dollar bills

In the early 1900s, the US Treasury Department had a machine that washed and ironed old, soiled paper bills. The machine helped the Treasury save money by decreasing printing costs for new dollar bills, but had nothing to do with the modern understanding of money laundering.

Why Americans don’t talk about money

In the United States, asking someone how much money they make (or any questions about money, really) has long been considered rude. But where did this social norm come from originally? And why do Americans still feel so awkward talking about money? This article from The Atlantic takes a deep dive into the socioeconomic forces that created the money taboo. Read the full piece here.

Banks have increased small loan programs since 2018, upping competition for payday lenders

One of the reasons payday lending flourished for nearly two decades is that most banks charged high overdraft fees and didn't offer small loans. However, since 2018, banks have increased their small loan options. Supporters say this provides safer alternatives for consumers, as banks are subject to more regulatory measures and are less likely to allow consumers to keep rolling over loans.

International organizations exploit ultimate beneficial owner policies in different countries to shield bad actors

UBO policies help determine who owns businesses by evaluating who is making the decisions, regardless of the listed owner.

The Federal Reserve follows the health of the US economy by tracking the money supply

That includes all of the physical and electronic money in circulation. It tracks not only US coins and bills, but also the money that moves through bank deposits. The Fed uses metrics called trackers to follow different types of transactions through the money supply.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

Some scholars consider the Bretton Woods system one of the best foreign policy decisions in US history

A survey of historians by the Council on Foreign Relations ranked the creation of the Bretton Woods system among the top 10 foreign policy decisions in US history, highlighting its role in establishing postwar stability, prosperity, and decades of economic growth.

The 2001 Authorization for Use of Military Force has been used by four administrations to justify military operations in 22 countries

Passed three days after the September 11 attacks to authorize the use of force against al-Qaeda and the Taliban, the 2001 AUMF has since been stretched far beyond its original scope and has been used by four consecutive administrations to justify military operations.

Because of their size, sovereign wealth funds create anxiety about foreign undermining of financial systems

Across the board, sovereign wealth funds have an immense amount of capital, and, therefore, influence in global financial markets. Critics argue that this influence could enable a foreign country to harm another country's financial market by either investing adversely in competitive markets or by withholding critical capital.

The International Religious Freedom Act of 1998 made religious liberty a formal US foreign policy priority

Congress enacted the International Religious Freedom Act to make promoting religious freedom abroad a stated goal of US foreign policy. The law established an ambassador-at-large for international religious freedom and mandated that the State Department report annually on the status of religious freedom.

AI could be increasing the opportunities for financial fraud

Systems that can reproduce near perfect counterfeits of legitimate financial documents are increasingly prevalent and sophisticated. The international Association of Certified Fraud Examiners estimate organizations lose about 5% of revenue to fraud each year.

Explore the important legislation that has shaped US immigration policy

Read about pivotal immigration legislation from the 1882 Chinese Exclusion Act—the first law restricting immigration by nationality—through DACA, examining how economic conditions, national security concerns, and social attitudes shaped American immigration policy throughout history.

Effects of pay transparency legislation

Research on pay transparency’s impacts has been limited given the short amount of time since American states began passing pay transparency legislation. However, this early study from researchers out of Brown and Harvard found that increasing pay transparency could have the potential to decrease worker bargaining power, resulting in lower average wages for employees. Read the research here.

The DEA enforces federal drug laws under the Department of Justice

Established in 1973, the Drug Enforcement Administration directs federal efforts to fight illegal drug trafficking, oversee controlled substances, and dismantle large narcotics networks both within the United States and internationally.

Congress has the power to enact laws related to bankruptcy, thanks to the US Constitution

It has done just that since 1800. This legislation, which outlines the various types of bankruptcy filings, has evolved over time. The most recent iteration is the Bankruptcy Reform Act of 1978, which introduced Chapter 11 filings in an effort to make the process easier for businesses and individuals.

The Glass-Steagall Act separated commercial banks in the US from investment banks

In 1933, the Glass-Steagall Act legally separated commercial banks in the US from investment banks. However, by 1999, the act was repealed—meaning that today’s investment banks are no longer required to be separate from the type of bank where you deposit your paycheck.

Watergate led to the prosecution of nearly 50 individuals

Watergate ushered in sweeping changes. Agencies were required to release information openly; officials had to disclose finances transparently; and new laws limited conflicts of interest, established independent ethics oversight, and safeguarded presidential records—curbing abuse and boosting accountability.

The 1997 Asian financial crisis tested the limits of the rules-based order's financial architecture

When a currency crisis hit Thailand, Indonesia, and South Korea, the IMF allocated $118B in emergency loans. However, the attached conditions were widely criticized for worsening the economic downturn and increasing distrust of Western-led institutions across the Global South.

Presidents now rely on executive agreements instead of formal treaties

Formal treaties—requiring two-thirds Senate approval—have become rare in American foreign policy. Modern presidents increasingly use executive agreements, which don't need congressional consent, allowing faster diplomacy but reducing legislative oversight and transparency.

The IRS already has much of the data it asks Americans to report when filing their taxes

Americans spend more than 7.9 billion hours per year doing their taxes: It's notoriously time-consuming, requiring forms, deductions, and often third-party help. But here's the twist: The IRS already has much of the data it asks you to report. Americans still have to do the work themselves partly due to big tax prep companies that lobby to keep the status quo.

A US Department of Defense research lab developed the technology for the dark web

Although encryption existed to mask the content of communications across the internet before the 1990s, those managing overseas network infrastructure could determine a spy's affiliation based on where they saw data sent to and received from. To keep this information secret, the US Naval Research Laboratory developed onion routing, which enabled anonymized web browsing. The release of the technology to the public obscured sensitive communications further by growing the volume of anonymous data.

The transatlantic cable allowed for communications between North America and Europe

It had significant impacts on just about every industry, including finance. Specifically, the transatlantic cable made it so that real-time financial transactions could take place across the Atlantic, and allowed for much faster sharing of information that increased global market accuracy.

Roughly 43 million US borrowers owe roughly $1.7T in student debt, the second-largest source of consumer debt behind mortgages.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

The power and influence of the American presidency have expanded significantly over time—far beyond what the founders envisioned.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

The story of Dollree Mapp, whose legal challenge over her 1957 conviction for possessing "obscene material" led to a major strengthening of the Fourth Amendment

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

Calculate how much of your tax dollars go to each federal program based on your income, filing status, and number of children

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

US intelligence allegedly pursued more than 600 schemes to assassinate Cuban revolutionary Fidel Castro.

20,000 letters to the advice columnist 'Dear Abby' provide insight into prevailing sex, religion, and LGBTQ fears, anxieties, and concerns from the 1950s onward.

Watch how deep-sea mining equipment collects and processes polymetallic nodules—metal-rich, potato-shaped rocks—from the ocean floor and creates environmentally damaging plumes of sediments.

Power lines are dotted with large, brightly colored balls to improve the visibility of these thin wires to helicopters and small planes and help prevent potential crashes.

Long before Major League Baseball began allowing instant replay for balls and strikes, an umpire reluctantly used the technology to determine whether a hit was a home run, a move that inadvertently ushered in a new era for the sport.

Up to a million Girl Scouts sell about 200 million cookie boxes every spring, generating $800 million, largely because refusing a child is frowned upon

About 2,000 US babies are born annually without some portion of their limbs, potentially leading to a lifetime of pricey prosthetics.

Learn how monoclonal antibodies, which mimic the body's antibodies, can fight diseases like Ebola.

'Shogun,' a 1980s TV series, helped popularize sushi in the US by stimulating an American interest in Japanese culture.

The first steps to rebuilding your credit score include getting to know exactly what's on your credit report and figuring out how far you are from the '700 club,' or 'good score' range.

Louisiana's 'Cancer Alley' is infamous for having some of the highest industrial pollution, toxic air emissions, and cancer risks in the US.

Studies suggest when you sleep is as important as how much you get, and syncing with your circadian rhythms may lead to less fatigue and improved long-term health outcomes

When you complete a CAPTCHA on a website to prove you are human, you may be unknowingly training algorithms for self-driving cars, whose systems require training data to help identify crosswalks, bicycles, and other outdoor objects.

Chaos theory—informally known as the butterfly effect—is the reason why weather forecasts are presented with probabilities rather than certainties.

The American cockroach is actually from Africa, an apparent hitchhiker aboard ships carrying enslaved people, with evidence suggesting the bug may have arrived in the New World as early as the 1600s.