14-Sep-2010

Drug Money Saved Banks In Global Crisis

Says the head of the UN Office on Drugs and Crime.
Antonio Maria Costa, head of the UN Office on Drugs and Crime, said he has seen evidence that the proceeds of organised crime were "the only liquid investment capital" available to some banks on the brink of collapse last year. He said that a majority of the $352bn (£216bn) of drugs profits was absorbed into the economic system as a result.
That money has been now effectively laundered, according to him.