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The Biggest Loophole in the Free-Market System

by Baker, Raymond W.
Published by : Center for Strategic and International Studies and the Massachusetts Institute of Technology (USA) Physical details: 18p
Subject(s): Money Laundering
Year: 1999
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Dirty money is an opaque subject, fraught with murky uncertainties, shunned by international financial institutions and inadequately addressed by government officials. Estimates of its magnitude, either made by others or developed in the course of work leading to this article, suggest that roughly $500 billion to $1 trillion of international criminal proceeds and another unknown sum in the hundreds of billions of illegal flight capital is sent across borders and deposited into private bank accounts annually.

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