Banks and Drug Trafficking
The movement of illegal drugs is creating ever larger fortunes hand in hand with the financial system, which is used for laundering money.
Monday, September 27, 2010
Bayardo Ramírez Monagas, advisor to the Venezuelan financial system, made this comment in the thirteenth conference on Financial Supervision organized by Guatemala's Banking Regulator (SIB in Spanish) as part of his introduction to the issue of money laundering.
Detections have been made of cash transfers which are then returned via wire transfers and which apparently are linked to drug dealing and extortion.
Renting hotels and low interest loans to businessman with financial problems, have joined other traditional forms of money laundering.
The figure is an estimate made by the Intelligence Directorate in Costa Rica released by the US State Department, along with information that indicates a rise in criminal organizations based in the country, and little capacity to combat them.
In the small Central American economies, the effects of the intrusion of drug money would be devastating.
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