$1.6 Trillion money laundered or 2.7% of global GDP in 2009 while only ONE percentile is being seized and frozen.

"Criminals, especially drug traffickers, may have laundered around $1.6 trillion, or 2.7 per cent of global GDP, in 2009, according to a new report by UNODC. This figure is consistent with the 2 to 5 per cent range previously established by the International Monetary Fund to estimate the scale of money-laundering.

Less than 1 per cent of global illicit financial flows is currently being seized and frozen, according to the report Estimating illicit financial flows resulting from drug trafficking and other transnational organized crime."

SOURCE:

https://www.unodc.org/unodc/en/frontpage/2011/October/illicit-money_-how-much-is-out-there.html

Comments

Overview of the threat to the banking industry, with examples from recent bank collapses and persistent future risks:

1. Increasing cyber-attacks targeting financial data: Cyber-attacks like the 2017 Equifax breach (a) expose sensitive financial data, leading to significant financial and reputational damage. 2. Rising competition from fintech and non-traditional financial institutions: Companies like PayPal and Square are disrupting traditional banking by offering innovative financial services. (b) 3. Regulatory changes impacting operations and profitability: The Dodd-Frank Act imposed stricter regulations on banks, affecting their operations and profitability. (c) 4. Economic downturns affecting loan repayment and default rates: The 2008 financial crisis saw a spike in loan defaults, leading to the collapse of major banks like Lehman Brothers. 5. Interest rate volatility impacting margins: Rising interest rates in 2023 led to significant losses in banks' securities portfolios, contributing to the collapse of Silicon Valley Bank². 6. Technological disruptions in payment systems and banking te...

Zionism and Post-Holocaust Christian Theology: A Jewish Perspective. Mark Braverman

Introduction of Mark Braverman: Mark Braverman is a Jewish-American psychologist, theologian , and prominent voice in the interfaith justice movement for Palestine . Raised in a strong Zionist tradition , Braverman underwent a personal and moral transformation after witnessing the realities of the Israeli occupation . He is the Executive Director of Kairos USA , an organization that mobilizes American Christians to support Palestinian rights. Braverman focuses on the intersection of theology, justice, and the Israeli-Palestinian conflict. His work critiques both Jewish and Christian theological frameworks that support Zionism and calls for a prophetic response rooted in human rights and reconciliation. His major works include Fatal Embrace: Christians, Jews, and the Search for Peace in the Holy Land and numerous essays on interfaith theology and justice. Mark Braverman. Opening Note: In the wake of the Holocaust , Christian theology took a new direction — see...

Man does not stand alone by A Cressy Marrison

The American scientist, A Cressy Morrison, Head of the Science Academy in New York, says in his book "Man Does Not Stand Alone": Birds have the homing instinct. The robin that nested at your door may go south in the autumn, but will come back to his old nest the next spring. In September, flocks of many of our birds fly south,often over a thousand miles of open sea, but they do not lose their way. The homing pigeon, confused by new sounds on a long journey in a closed box, circles for a moment then heads almost unerringly for home. The bee finds its hive while the wind waving the grasses and trees blots out every visible guide to its whereabouts. This homing sense is slightly developed in man, but he supplements his meagre equipment with instruments of navigation. We need this instinct and our brain provides the answer. The tiny insects must have microscopic eyes, how perfect we do not know, and the hawks, the eagle and the condor must have telescopic vision. Here...

Netherlands Moves to Block UN Palestine Expert, Accused of Shielding Israel from Criticism.

The Dutch government's opposition to the renewal of Francesca Albanese's mandate as the UN Special Rapporteur on the situation of human rights in the Palestinian territories has drawn significant attention , particularly from human rights advocates and pro-Palestinian groups . Below is a detailed overview of the situation: 1. Background on Francesca Albanese and Her Role - Francesca Albanese is an Italian international lawyer and scholar appointed as the UN Special Rapporteur for Palestine in 2022. - Her mandate involves monitoring and reporting on human rights violations in the occupied Palestinian territories ( West Bank, Gaza, East Jerusalem). - She has been vocal about Israel’s violations of international law, including settlement expansions, collective punishment, and apartheid policies. - Her reports often highlight accountability gaps and call for international action against Israeli policies . 2. Dutch Government’s Opposition - The Netherlands , unde...

US economic crisis.

Economic crisis of 2008 From Wikipedia, the free encyclopedia In 2008, the possibility of an economic crisis was suggested by several important indicators of economic downturn worldwide. These included high oil prices , which led to both high food prices (due to a dependence of food production on oil production) and global inflation ; a substantial credit crisis leading to the bankruptcy of several large and well established investment banks; increased unemployment ; and the possibility of a global recession developed. High commodity prices Medium term crude oil prices , (not adjusted for inflation) The decade of the 2000s saw a commodities boom , in which the prices of primary commodities rose again after the Great Commodities Depression of 1980-2000. But in 2008, the prices of many commodities, notably oil and food, rose so high as to cause genuine economic damage, threatening stagflation and a reversal of globalisation . [1] In January 2008, oil prices surpassed $100 a barrel ...

Ainnbeen

Search This Blog