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BRUNCH

When money laundering leaves a stain on the economy

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    • Widely cited IMF estimates put laundered capital at between 2 per cent and 5 per cent of global GDP – or as much as US$2 trillion a year – today.
    • Widely cited IMF estimates put laundered capital at between 2 per cent and 5 per cent of global GDP – or as much as US$2 trillion a year – today. ILLUSTRATION: PIXABAY

    Annabeth Leow

    Published Fri, Oct 6, 2023 · 03:00 PM

    SINGAPORE’S operation to round up accused members of the “Fujian Family” organised crime ring has seen more than S$2.8 billion of assets seized so far – an eye-popping sum.

    But that is small change compared with the dirty money sloshing through the global economy. Widely cited International Monetary Fund (IMF) estimates put laundered capital at between 2 per cent and 5 per cent of global gross domestic product (GDP) – or as much as US$2 trillion a year – today.

    But these inflows are no bonanza for the countries where the funds wash up.

    BrunchMoney laundering

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