Top Money Laundering Countries in Latin America

A study conducted by the Mexican House of Representatives reported on the top countries in Latin American where money laundering cases occurs. The countries and the amount of money laundered is as follows: Brazil: $2.9 Trillion (5 percent of GDP). Mexico: $1.1 Trillion (3.6 percent of GDP). Chile: $268.27 Billion (4 percent of GDP). Peru:… Continue reading Top Money Laundering Countries in Latin America

Corruption and Tax Evasion Losses to the Philippines

In 2011, the Philippines Government lost an estimated $3.85 Billion in tax revenue due to illicit financial flows. When the total losses from illegal financial transactions is calculated from 1960 to 2012, over $400 Billion was lost to the Philippines Government, according to a report by Global Financial Integrity. During the 52 year period, the… Continue reading Corruption and Tax Evasion Losses to the Philippines

Anti-Money Laundering Investigations in Saudi Arabia

The Ministry of the Interior in Saudi Arabia received a total of 3,919 suspicious financial transaction reports about possible money laundering cases between 2012 and 2013. Financial authorities also received 419 notifications about possible terrorism financing activities. The number of institutions reporting suspicious transactions increased by 120 percent from the amount of reports between 2008… Continue reading Anti-Money Laundering Investigations in Saudi Arabia

Money Laundering In Hungary

Money laundering in Hungary is estimated to be worth $15 Billion a year. In the first half of 2013, a total of 6,160 suspicious transactions were reported to federal regulators. The number of reports was 80 percent higher than the previous year. Out of that total, 66 financial transactions were halted by banking regulators. (More… Continue reading Money Laundering In Hungary

Cases of Money Laundering in Guatemala

In a single case investigated by Guatemalan security services, $46.7 Million of Sinaloa drug cartel money was seized and 21 people arrested in December for money laundering violations in Guatemala. A fruit and vegetable was serving as a front company that was sending money to Mexico along with payments of avocados. Criminal justice programs in… Continue reading Cases of Money Laundering in Guatemala

Money Laundering and Foreign Investment in Colombia

In 2012, an estimated $18 billion was lost to the Colombian government due to various types of money laundering activities, according to the Financial Information and Analysis Unit. The amount of money lost in Colombia due to laundering was higher than the total amount of money that was invested into Colombia by foreign entities. According… Continue reading Money Laundering and Foreign Investment in Colombia

Money Laundering in Macau

According to a report by the Congressional Executive Commission on China, up to $202 Billion in illicit funds is laundered through the casinos of Macau, a territory controlled by China. Up to 30 percent of all bets placed in Macau was estimated to have been illegally brought in to the country to be washed. China… Continue reading Money Laundering in Macau

Number of Money Laundering Convictions in Australia

During a ten year span, 15 people were convicted for human trafficking crimes in Australia, according to research conducted by the Australian Institute of Criminology. 8 of the 15 were women. The institute found that all of the women traffickers were born in the same foreign country as the victims and typically came from the… Continue reading Number of Money Laundering Convictions in Australia

Racketeering by Bikies in Australia

Security services in Australia estimate that outlaw biker gangs generate up to $9 Billion (10 Billion Australian Dollars) in annual revenues each year through various racketeering methods. Bikies account for up to two thirds of the total organized crime revenue that is generated in Australia. Over the past 10 years, the number of bikie gangs… Continue reading Racketeering by Bikies in Australia

Money Laundering by Drug Dealers Using Fixed-Odds Betting Terminals

Drug dealers in Britain use electronic gambling machines across the nation to launder money that they earned through illegal drug sales. According to a report in the Guardian, the dealers insert drug money into the fixed-odds betting terminals (FOBTs) and then cash out to make it seem that drug money is gambling winnings. (More illegal… Continue reading Money Laundering by Drug Dealers Using Fixed-Odds Betting Terminals