Thursday, December 17, 2009

Drug Money Saved Banks in Financial Crisis

http://www.guardian.co.uk/global/2009/dec/13/drug-money-banks-saved-un-cfief-claims
"Drug money saved banks in global crisis, claims UN advisorDrugs and crime chief says $352bn in criminal proceeds was effectively laundered by financial institutions"

"Drugs money worth billions of dollars kept the financial system afloat at the height of the global crisis, the United Nations' drugs and crime tsar has told the Observer.

Antonio Maria Costa, head of the UN Office on Drugs and Crime, said he has seen evidence that the proceeds of organised crime were "the only liquid investment capital" available to some banks on the brink of collapse last year. He said that a majority of the $352bn (£216bn) of drugs profits was absorbed into the economic system as a result "...

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