U.N. crime chief says drug money flowed into banks

U.N. crime chief says drug money flowed into banks

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U.N. crime chief says drug money flowed into banks
Reuters
Published: January 25, 2009
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VIENNA: The United Nations' crime and drug watchdog has indications that money made in illicit drug trade has been used to keep banks afloat in the global financial crisis, its head was quoted as saying on Sunday.

Vienna-based UNODC Executive Director Antonio Maria Costa said in an interview

(visit the link for the full news article)



[edit: title to same as source]
Headline: Please use the original story headline from your source.

[edit on 27-1-2009 by 12m8keall2c]

This is what I suspected a long time ago as the bust were getting bigger and bigger , Now they confirm my belief that drug money is keeping us afloat

Even though an estimated $24 billion in criminal funds courses through Mexico each year, no Mexican financial institution has been publicly sanctioned for money laundering. The country has long been a center for drug trafficking, and a world record was set for a criminal cash seizure when $205 million was found last year in Mexico City tied to a Chinese-Mexican businessman who has been jailed in the United States on methamphetamine-related charges.

www.iht.com
(visit the link for the full news article)


[edit: title to same as source]
Headline: Please use the original story headline from your source.

[edit on 27-1-2009 by 12m8keall2c]

Fantastic find and quite possibly a very strong reason why the world's governments have continued to hold on to the archaic position of not legalizing recreational drugs. Actually makes me wonder if one dug through bank records from the 20's just how much of a role the banks played in prohibition. It has always seemed just a bit too convenient to me that much of Europe, America, and Canada all prohibited alcohol, all in the same general time frame.

(Hell, the great depression ended prohibition. Maybe if there's any silver lining to take away from this massive recession it will be a repealing of recreational drug laws in this country.)

again, great find.

[edit on 27-1-2009 by burdman30ott6]

Its deeper that first thought .....Terrorist groups are particularly attracted to the drug trade because of the potential profits. The United Nations estimates that the international drug trade generates $322 billion per year in revenue, making drugs by far the most lucrative illicit activity.

Beyond just selling the product, drugs provide many different avenues of revenue, including taxing farmers and local cartels, and providing security needs for all aspects of production, trade, and distribution. Groups like the Afghan Taliban, the Columbian FARC, and the Lebanese Hezbollah generate significant resources from the extortion fees they collect from drug cartels and poppy or coca farmers operating in their "territory."

This scary and should be dealt with why and how did it get this far, Now "its to big to fail"


[edit on 013131p://pmvpm by yenko13]

Could be possible that somebody forgot to give the UN their cut of the pie or this report would have never been made public.

I'm sure a lot of people think the big cartel guys keep it all under their mattresses.

So much of that drug money gets laundered through offshore banks and is used as seed money for start-ups or acquisitions and so makes it's way into the banks as clean money. There is too much involved for it to be stamped out by the authorities. The whole "war on drugs" thing is a scam.

All I have to say is, mwuahahahahahahahaha.
Maybe this is the first time certain people will say "Thank God for drugs"

Mexican Drug Money Photos

www.hoax-slayer.com...

207 Million seized in Mexico
MAR 20 -- $207 million is the largest single drug cash seizure the world has ever seen. This is like law enforcement hitting the ultimate jackpot. But luck had nothing to do with this windfall. This record-setting feat was the result of tremendous police work by Mexican law enforcement in collaboration with DEA throughout the past year.

This money was seized from chemical brokers that were supplying chemicals to Mexican cartels to manufacture huge quantities of methamphetamine—most destined for the United States. The citizens of Mexico and America should be encouraged because seizing this criminal organization’s revenue not only operationally and financially disrupts that organization but also cuts off the supply of a vital ingredient needed to make methamphetamine.

[edit on 063131p://amvam by yenko13]