UK in Second Place in World-Wide Money Laundering Hall of Shame
upstart writes:
UK second in money laundering hall of shame:
The second-highest amount of money is laundered each year in the UK, with an estimated 88bn[*] worth of money cleaned by criminals annually.
Only the US sees more, with 216.5bn laundered annually, while France (54.5bn), Germany (51.3bn) and Canada (25.6bn) also rank among the top five counties in terms of value of money laundered.
The figures, from identity verification software maker Credas Technologies, put together using OECD data, also revealed that about 1.8tn is laundered globally each year, some 3% of total GDP.
Money laundering, and its links to organised crime, is a serious global problem that banks find themselves at the centre of, with their failures to spot suspicious activity partly to blame for the high volumes and value of money cleaned by criminals in the UK.
In October, NatWest Bank admitted that operational failures, including weaknesses in automated monitoring systems, meant that it failed to prevent the money laundering of 400m. It pleaded guilty at Westminster Magistrates' Court to failing to comply with anti-money laundering regulations between 2012 and 2016.
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