UN Crime Chief Says Drug Money Flowed Into Banks
January 27th, 2009

Where has all the opium related money been going since the War on Terror went to Afghanistan? Is that money about to buy U.S. Treasuries in heretofore unthinkable quantities?

—Who Is Going to Lend the U.S. $2 Trillion?

I am Jack’s complete lack of surprise.

Via: Reuters:

The United Nations’ crime and drug watchdog has indications that money made in illicit drug trade has been used to keep banks afloat in the global financial crisis, its head was quoted as saying on Sunday.

Vienna-based UNODC Executive Director Antonio Maria Costa said in an interview released by Austrian weekly Profil that drug money often became the only available capital when the crisis spiralled out of control last year.

“In many instances, drug money is currently the only liquid investment capital,” Costa was quoted as saying by Profil. “In the second half of 2008, liquidity was the banking system’s main problem and hence liquid capital became an important factor.”

The United Nations Office on Drugs and Crime had found evidence that “interbank loans were funded by money that originated from drug trade and other illegal activities,” Costa was quoted as saying. There were “signs that some banks were rescued in that way.”

Profil said Costa declined to identify countries or banks which may have received drug money and gave no indication how much cash might be involved. He only said Austria was not on top of his list, Profil said.

Related posts:

1. Wachovia Facing Drug Money Laundering Investigation
2. Central Banks Pouring Money into Markets
3. The War in Afghanistan is Simply a Big Money Heroin Racket
4. Italian Crime Group Worth More Than Some Nations’ GDP
5. CIA Drug Planes Tip of the Iceberg


http://cryptogon.com/?p=6490

Kolla även länkarna under "related posts" på sidan...