Tuesday, January 25, 2011

Money Laundering in Columbia surpasses 8 billion dollars by Sean Dusk

Money laundering operations in Colombia involving funds from drug-trafficking amount to close to 8.7 billion dollars per year, authorities said Wednesday.

There were more than 42,000 dubious operations from January 2006-December 2010, according to the Financial Information and Analysis Unit (UIAF) of the Finance Ministry.

A figure for the underground economy was calculated based on the behaviour of extralegal individuals on a global scale.

Money laundering allows individuals who choose to operate in the underground economy and which causes the government to print inflation.

This extralegal business has professionals who work for them permanently, as they would for any investor, advising on whether they should invest in stock, in fuel.

Colombia is the world's largest producer of cocaine.

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