Robert Landori
Articles
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MONEY LAUNDERING AND TERRORISM by | |
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Money laundering is our globe’s third largest business. It is so prevalent that the
world’s various authorities fighting this criminal activity hesitate to name a total figure. They only offer tentative estimates.
Depending on whom you ask the figure ranges between US $600 Billion and $1.5 Trillion worldwide per year. According to the International Monetary Fund, this represents between two and five per cent of the world’s gross domestic product. The lower figure is equivalent to the value of the total output of an economy the size of Spain’s. |
| This massive sum of illegal money usually finds a home in geographical
areas that have lax control over their financial institutions (off-shore ‘tax havens’) where it is invested principally in ‘passive’
i.e. non-tangible-asset producing ventures. Obviously, the activity has a very serious impact on international economic development. Money laundering can only flourish where some sort of banking system exists that is willing to cooperate with money launderers. Because banking for money launderers can be extremely profitable many bankers cannot resist the temptation to participate.....More | |