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"While they are undoubtedly neck-deep in money laundering, it is nevertheless a common misconception that most money is laundered in offshore financial centres and developing countries, an impression that is cultivated by governments of major countries seeking to put the blame somewhere other than on their own doorsteps," says David Marchant, editor of Offshore Alert, an investigative publication based in Miami.
More money is laundered in New York and London than anywhere else in the world, says Marchant in a written interview. "Also, much of the money that is laundered in poorer countries is done by banks which are branches, subsidiaries or affiliates of banks in major countries such as the U.S. and the UK."
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