Total states’ level of debt in fiscal 2019 was $1.4 trillion. The majority of U.S. states are struggling to pay all their bills, and the coronavirus pandemic will make it worse for states' revenue levels.
The FinCEN files scandal confirmed what many of us in the banking world know. Existing regulations and bank compliance processes are insufficient. And unfortunately, new regulations to strengthen anti-money laundering are unlikely to be forthcoming any time soon.