JS 26: Offshore Banking & Money Laundering with Robert Landori NY Times Bestselling Author of 'The Havana Harvest'

Jason Hartman talks with Robert Landori about money laundering – the world‘s third largest business. It is so prevalent that the world‘s various authorities fighting this criminal activity hesitate to name a total figure. They only offer tentative estimates. Depending on whom you ask the figure ranges between US $600 Billion and $1.5 Trillion worldwide per year. According to the International Monetary Fund, this represents between two and five per cent of the world‘s gross domestic product. The lower figure is equivalent to the value of the total output of an economy the size of Spain‘s. This massive sum of illegal money usually finds a home in geographical areas that have lax control over their financial institutions (off-shore tax havens) where it is invested principally in ‘passive’ i.e. non-tangible-asset producing, ventures. This has a very serious impact on international economic development. Money laundering can only flourish where some sort of banking system exists that is willing to cooperate with money launderers. Because banking for money launderers can be extremely profitable many bankers cannot resist the temptation to participate.