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The, together with Wall Street, is the world’s biggest “launderette” of drug trafficking’s dirty money. It’s in, or in British branches or foreign banks, that criminal money gets laundered. And banks, in turn, are profiting by moving around and investing these huge amounts of liquid assets. Liquidity is what they’re after, especially in times of crisis. And liquidity is what criminal organisations have. All banks need to do is to lower their monitoring standards, their anti-laundering standards, and the job is done. The scandals concerning the relationship between banks and drug trafficking that emerged in the past few years are a proof of this. The case is an example. Europe’s first credit institute in terms of market capitalisation, one of the biggest banking groups in the world, has laundered drug money. ... Most of the world’s money laundering would not exist without the support of banks, who, in order to hide their account holders’ and investors’ identity, exploit the scheme: shell companies controlled by in turn by other shall companies based offshore, run by legal firms through trusts, in an infinite series of steps that make it impossible to track down the true account holder. (en) |
