Addressing a press conference alongside Senator Faisal Javed and Iftikhar Durrani in Islamabad, assistant to the PM on accountability claimed that the government is probing the laundered
money and claimed that 'money hidden in Swiss and European accounts will not remain hidden for long.'
Helping hide, cover up or legalise the use of laundered
money and getting a share or providing logistic support to crimes to receive revenue will also be considered as partnership in money laundering.
This involved the indictment of an Oslo trader alleged to have used Norwegian Krone NOK 260 million (EUR 32 million) in laundered
funds to buy and sell climate quotas through his employer GCT.
Since similar businesses financed by laundered
funds do not have these costs and do not have to operate at a profit--if the aim is to conceal the funds--they would force legitimate businesses out of the market.
government ran a successful sting operation laundering money for the Medellin cartel of Colombian cocaine dealers, a competitive price for large quantities was reported to be about 5 percent of the gross amount laundered
, with very speedy delivery guaranteed.
Money can be laundered
in any country, including the United States.
Some of their money comes from money laundered
illegally in the U.S.
Money may also be laundered
using "smurfs," people who take the illegal money and trade it for bearer bonds and travellers' cheques.
Additionally, in 1998, federal authorities in Florida announced arrests in an international fraud and money laundering scheme involving victims from 10 countries, with losses up to $60 million laundered
through two banks on the Caribbean island of Antigua.
It has been estimated that between $6oo billion and $1.5 trillion in funds is laundered
around the world each year.
Although it is difficult to measure the exact extent of money laundering, it is believed that around $500 billion in proceeds from serious crime is laundered
government officials and the mainstream media to the $7 billion or more of Russian money laundered
through the Bank of New York might make you think this is the first time that multimillions have been stolen from Russia--or elsewhere--and washed through the international offshore system.