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:
“Want of money and the distress of a thief can never be alleged as the cause of his thieving, for many honest people endure greater hardships with fortitude. We must therefore seek the cause elsewhere than in want of money, for that is the miser’s passion, not the thief’s.”
—William Blake (1757–1827)