Drug trafficking generates 90,000 million dollars a year in America

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He drug trafficking generates between 80,000 and 90,000 million dollars annually in the American continent, according to a new study by the organization Global Financial Integrity (GFI), which points to the fight against money laundering as the best way to combat it.

The published work ensures that illicit financial flows Related to drugs that affect the United States, Mexico and Colombia, the main players, are between 42,300 and 121,600 million dollars annually, but that “the best estimate” would be between 80,000 and 90,000 million.

The fight against drug trafficking

Manual and aerial crop eradication, substitution, interdiction and alternative development approaches have led to “temporary interruptions” in production and cultivation. drug traffic, but they have not achieved a comprehensive and lasting solution, he adds.

Furthermore, “history has shown that many of these policies have had unintended consequences and they have caused profound damage to people, communities and the environment. “

The study, prepared for a commission of the Congress of U.S, proposes to re-prioritize financial strategies against money laundering and terrorist financing, which represent a different perspective to address the problem and are currently “underused” in the region.

Money laundering

The massive smuggling of cash through cargo transportation and money laundering Through trade, disguising the proceeds as legitimate business transactions, are the two main methods of transferring drug proceeds from one country to another and integrating them into the formal economy, according to the study.

And it highlights the role of corrupt officials who facilitate illicit financial flows and protect wrongdoers. The report also proposes a more comprehensive approach to anti-drug policies that encompasses human rights, public health and development.

Joint work

Regarding the United States, the work urges the enactment of legislation that requires the collection of information on the “beneficial owners” behind the corporations. Likewise, require lawyers, accountants and corporate representatives to demand that their clients comply with the laws against money laundering.

So much Mexico like Colombia, he assures, they must effectively reevaluate the operation of money laundering through non-financial companies, a sector that, he said, “is currently very vulnerable.”

He recommended that the US take advantage of “the opportunities to work with Mexico” on the issue of corruption He added that Mexican authorities must improve information and coordination between institutions to get more convictions for money laundering.

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