IN-DEPTH ANALYSIS FINDS CORRUPTION MOST PREVALENT FINANCIAL CRIME IN LATIN AMERICA AND THE CARIBBEAN

On 15 October, Global Financial Integrity reported that a comprehensive survey of 250 financial crime experts in Latin America and the Caribbean shows that countries in the region need to address significant weaknesses in their effort to combat money laundering if corruption, which generates massive illegal proceeds, is to be curtailed. The survey finds that –

Corruption is the most prevalent financial crime affecting the region;

Corruption is also the largest source of illicit proceeds in the region;

Channels used include financial institutions, real estate, bulk-cash smuggling and trade-based money laundering (TBML); and

Despite improvements made, implementation of AML/CFT laws is often incomplete and political will varies;

https://gfintegrity.org/report/financial-crime-in-latin-america-and-the-caribbean/

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