The world's worst money launderers are the UK, Switzerland and the USA


#1

Originally published at: https://boingboing.net/2018/02/13/1-6-trillion-per-year.html


#2

Is this one of those cases where the US is near the top because it has a lot of money so even a relatively low rate gets multiplied by the huge sums of cash? If the EU was counted as a whole how would it compare?


#3

Where are the best ones? (Asking for a friend.)


#4

No, the US has relatively good banking privacy laws and its tbtf banks have a long and sordid history of washing billions in narcodollars.


#5

Since the UK hasn’t left the EU yet…

In The People’s Manifesto, Mark Thomas pointed out that in 2010 there were 60 tax havens around the world. 31 had strong British connections.

Three are British dependencies: Guernsey, Jersey, the Isle of Man.

Seven are British Overseas Territories: Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Montserrat, Turks and Caicos Islands.

Twenty-one are members of the Commonwealth of Nations (formerly the British Commonwealth): Antigua and Barbuda, Bahamas, Barbados, Belize, Brunei, Cook Islands, Cyprus, Dominica, Grenada, Labuan, Maldives, Malta, Mauritius, Nauru, Seychelles, Singapore, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, City of London (UK), Vanuatu.


#6

One of which is a former colony that broke off less than 250 years ago.


#7

Right, but are they washing the dollars because of lax regulation, or because this is where the dollars are that need to be washed?

For countries like the Cayman Islands the former seems most likely, for the US it isn’t as clear.


#8

No doubt tRump would applaud the USA’s winning.


#9

Personally, I think it’s a combination of factors including lax regulation (at the highest levels, working class drug dealers will be reported for “suspicious transactions” per the law), and the willingness of the banks to take questionable money. And you are right that this is where the dollars are. It’s the preferred currency and drug money is already largely denominated in dirty dollars.


#10

Money laundering is essential to our global economic system.

We need to have corrupt regimes in “developing” countries so our corporations can exploit their resources and workers on favourable terms. But the corrupt “leaders” and their cronies need to have some way to get their kickbacks out of their countries (so the next regime doesn’t grab their loot).


#11

No Doubt #45 is working on making USA #1


#12

Luxembourg can get fucked.


#13

And people still ask why the UK is leaving the EU ?


#14

Surely we’re the best money launderers, because of how we’re so good at it?

It should probably be phrased: “the UK is the worlds worst offender when it comes to money laundering”


#15

Well, the English learned it to the Scottish, and then they lost it to the Chinees, whom became the masters in the art of banking; ever heard of HSBC?


#16

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