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As Much as $35 Billion in Drug Funds Laundered Through U.S. Banks, Investments: Report

By Colby Adams

Over $35 billion in drug profits generated within the United States were laundered in U.S. financial institutions, real estate and other investments last year, according to estimates by the United Nations. Of the $64 billion in illegal U.S. drug sales believed to have been generated in 2010, approximately 55 percent likely remains in the United States while the rest is smuggled abroad, the intergovernmental group said Monday in a report entitled Estimating Illicit Financial Flows Resulting From Drug Trafficking and Other Transnational Organized Crime. In 2009, criminals attempted to launder approximately $1.6 trillion of a total $2.1 trillion in illegal...

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