Money Laundering
The IMF has said that between $600 billion and $1.5 trillion of illicit money is laundered annually, equal to 2% to 5% of global economic output. Today, offshore is where most of the world's drug money is allegedly laundered, estimated at up to $500 billion a year, more than the total income of the world's poorest 20%. Add the proceeds of tax evasion and the figure skyrockets to $1 trillion. Another few hundred billion come from fraud and corruption. "These offshore centers awash in money are the hub of a colossal, underground network of crime, fraud, and corruption" commented Lucy Komisar quoting these statistics.
Read more about this topic: Offshore Bank
Other articles related to "money laundering, money":
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... he signed a plea bargain, confessing to money laundering and receiving a 57-month jail sentence, which he had already served, and was ordered to serve three years under supervised release ... in Encino in August 2003, as a revenge for his allegedly having stolen money from them ... and violence against businessmen, and money laundering and fraud ...
... individuals, groups and organizations involved in fraud, terrorist financing, money laundering, and other crimes ... been instrumental in enabling law enforcement to initiate or supplement major money laundering or terrorist financing investigations and other criminal cases ... subject transactions aggregating $5,000 or more that involve potential money laundering or violations of the Bank Secrecy Act computer intrusion or when a financial institution knows that a ...
... Director of the Asset Forfeiture Office, Director of the Money Laundering Office, and Special Counsel to the Assistant Attorney General, Criminal Division for money ... on Crime on the topic of international money laundering ... Institute for International Research Association of Certified Anti-money Laundering Specialists Colombian Banking Association Home Front Greater Philadelphia National Society ...
Famous quotes containing the word money:
“There are a thousand hacking at the branches of evil to one who is striking at the root, and it may be that he who bestows the largest amount of time and money on the needy is doing the most by his mode of life to produce that misery which he strives in vain to relieve.”
—Henry David Thoreau (1817–1862)