How Dirty Money Gets Into Banks
J Thoendell stashed this in Crime
Lam: Is there an estimate for how much criminal capital there is in the world, and in our banking system right now?
Platt: Drugs account for about $400 billion, and then estimates suggest that all other crime top it up to $2.1 trillion annually. Thats a lot of money that can make a lot of good people make questionable decisions.
One thing I do want to acknowledge is that there really is not in my view an innate toxicity within the finance and banking industry. There are very many good people dedicated to the prevention not the facilitation of crime and much of what we see is in fact the product of volume and lack of effective regulatory oversight. In other words, there is an inevitability to quite a lot of money laundering. Of course, some banks could work harder to make it harder but it's important that we recognize that relative to all other sectors, the finance industry is very much put upon by governments already and it does play an important part in the prevention of crime through suspicious activity reporting.