Money laundering in the financial system hurts us all. It lets criminals conceal the illegal origins of their dirty money, allowing them to profit from crime. At the same time, far too many scandals have involved financial institutions, undermining trust in the financial system.
It's been estimated that up to $2 trillion is laundered throughout the world every year. Europol, the European Union's (EU) agency for law enforcement cooperation, assesses the annual cost of money laundering to the European economy at well over $120 billion. The damage to the American economy is around $300 billion annually. That is a serious threat for our societies and economies on both sides of the Atlantic.
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How the EU is stepping up to fight money laundering
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