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
Famous quotes containing the word money:
“Here far from the city we make our roadside stand
And ask for some city money to feel in hand
To try if it will not make our being expand,
And give us the life of the moving-pictures’ promise
That the party in power is said to be keeping from us.”
—Robert Frost (1874–1963)