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U.N. crime chief says drug money flowed into banks

Posted By admin On January 27, 2009 @ 5:51 am In Featured Stories | Comments Disabled

Reuters [1]
Tuesday, Jan 27, 2009

The United Nations’ crime and drug watchdog has indications that money made in illicit drug trade has been used to keep banks afloat in the global financial crisis, its head was quoted as saying on Sunday.

Vienna-based UNODC Executive Director Antonio Maria Costa said in an interview released by Austrian weekly Profil that drug money often became the only available capital when the crisis spiralled out of control last year.

“In many instances, drug money is currently the only liquid investment capital,” Costa was quoted as saying by Profil. “In the second half of 2008, liquidity was the banking system’s main problem and hence liquid capital became an important factor.”

Full article here [1]

U.N. crime chief says drug money flowed into banks  161008pptv1 [2]

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[1] Reuters: http://www.iht.com/articles/reuters/2009/01/25/europe/OUKWD-UK-FINANCIAL-UN-DRUGS.php

[2] Image: http://www.prisonplanet.tv/subscribe.html

[3] Former AIG Chief: Government Used AIG “To Funnel Money to Other Institutions, Including Foreign Banks”: http://www.prisonplanet.com/former-aig-chief-government-used-aig-to-funnel-money-to-other-institutions-including-foreign-banks.html

[4] At trial, Noriega claims Panama drug money a US-run ‘imaginary banking scheme’: http://www.prisonplanet.com/at-trial-noriega-claims-panama-drug-money-a-us-run-%e2%80%98imaginary-banking-scheme%e2%80%99.html

[5] Drug war hypocrisy: drug trafficking’s big money benefits Big Brother and corrupt banksters: http://www.prisonplanet.com/drug-war-hypocrisy-drug-traffickings-big-money-benefits-big-brother-and-corrupt-banksters.html

[6] Banking giant HSBC to pay £1.2bn to settle U.S. probe into money-laundering for Mexican drug cartels: http://www.prisonplanet.com/banking-giant-hsbc-to-pay-1-2bn-to-settle-u-s-probe-into-money-laundering-for-mexican-drug-cartels.html

[7] Jack Conway Takes Money from Criminal Drug Company: http://www.prisonplanet.com/jack-conway-takes-money-from-criminal-drug-company.html

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