New York Gov. Eliot Spitzer’s prostitute scandal is all the big news here in New York, but the lesser known tale is how an information system–the U.S. Treasury’s Financial Crimes Enforcement Network–played a role in his downfall. On the surface, Spitzer’s downfall is a New York tabloid’s dream. Headlines like “Ho No!” scream on the New York Post. Wall Street is downright gleeful about Spitzer’s downfall. But what really snared Spitzer was a money-laundering investigation that was flagged by SARs (suspicious activity reports) that banks have to file with the Treasury to surface everything from money laundering to terrorist activity.
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