Drugs and crime chief says $352bn in criminal proceeds was effectively laundered by financial institutions

Drug money saved banks in global crisis, claims UN advisor

By Editor
Sunday, December 13, 2009

Drugs money worth billions of dollars kept the financial system afloat at the height of the global crisis, the United Nations’ drugs and crime tsar has told the Observer.

Antonio Maria Costa, head of the UN Office on Drugs and Crime, said he has seen evidence that the proceeds of organised crime were “the only liquid investment capitalâ€