Blow, Bling and Bucks: IMF Work Against Money Laundering and Terrorist Financing


By Jody Myers

(Version in Français)

Drug traffickers, diamond smugglers, and terrorists’ financiers around the world have one thing in common: they abuse the financial system to “clean” the proceeds they have obtained from their illegal work, or to transfer funds to achieve their destructive aims. The former is known as money laundering and the latter as terrorist financing.

In the United States alone, profits from these crimes are estimated around $275 billion, excluding tax evasion.

Our research shows this dark side of the economy has destructive consequences for a country’s financial stability, economy, and governance.    Continue reading

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