Banks in Developed Countries Took Hundreds of Billions of Dollars in Illicit Deposits from Developing Nations: Report

By Brian Orsak

Up to 67 percent of the estimated $859 billion in illicit funds moved out of developing countries between 2002 and 2006 ended up in banks in developed nations, according to a report released Thursday. Among the developed countries that likely accepted the dirty money were the United States, the U.K., Australia, France, Sweden, Greece, Switzerland and Turkey, according to Global Financial Integrity (GFI), a Washington, D.C.-based think tank. GFI estimated that the banks accepted a minimum of 46 percent of the $859 billion during the five-year period. The remaining illicit cash was housed in offshore financial centers, including the Bahamas,...