Western banks 'reaping billions from Colombian cocaine trade'

Discussion in 'Politics' started by poncho, Jun 5, 2012.

  1. poncho

    poncho
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    The vast profits made from drug production and trafficking are overwhelmingly reaped in rich "consuming" countries – principally across Europe and in the US – rather than war-torn "producing" nations such as Colombia and Mexico, new research has revealed. And its authors claim that financial regulators in the west are reluctant to go after western banks in pursuit of the massive amount of drug money being laundered through their systems.

    The most far-reaching and detailed analysis to date of the drug economy in any country – in this case, Colombia – shows that 2.6% of the total street value of cocaine produced remains within the country, while a staggering 97.4% of profits are reaped by criminal syndicates, and laundered by banks, in first-world consuming countries.


    CONTINUE . . .


    Imagine that. The war on drugs has failed the Colombians and Mexicans and "we the people" but it's making the bankers rich.

    All the more reason to keep it going eh?
     
    #1 poncho, Jun 5, 2012
    Last edited by a moderator: Jun 5, 2012
  2. targus

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    From the OP article:

    "In Colombia," said Gaviria, "they ask questions of banks they'd never ask in the US. If they did, it would be against the laws of banking privacy. In the US you have very strong laws on bank secrecy, in Colombia not – though the proportion of laundered money is the other way round. It's kind of hypocrisy, right?"

    So, Poncho, are you willing to give up your banking privacy in order to end the drug money laundering?

    Or are you proposing making all drug production, distribution and use legal?
     
  3. billwald

    billwald
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    Eliminate cash and make pot, coke, and poppies legal.
     
  4. carpro

    carpro
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    Good!

    The governments of Mexico and Columbia are corrupt and turn their heads to what is going on.

    I'm glad the money that foolish Americans spend on drugs is at least staying at home.
     
  5. Bro. Curtis

    Bro. Curtis
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    There is no way Americans could afford cocaine or heroin if it was manufactured here.
     
  6. poncho

    poncho
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    The bankers could still afford it. The government would make sure of that.

    Why should Colombians and Mexicans keep dying because Americans wanna do drugs? Why aren't the money launderers in jail?
     
    #6 poncho, Jun 6, 2012
    Last edited by a moderator: Jun 6, 2012

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