Business

U.S. Banks Greatly Benefiting Off Columbian Cocaine Trade

[Huffington Post]

Even as their governments fighting it, Western businesses are benefiting from the Latin American drug trade.

More than 97 percent of the total street value of cocaine produced in Colombia — that’s billions of dollars — ends up in the hands of criminal groups in the U.S. and other first-world drug consuming countries, according to a study by two economists at the University of the Andes cited by the Guardian, and that money is laundered through banks. The study’s authors allege that Western financial regulators are hesitant to go after western banks for profiting off the drug trade.

To read the entire article, please go to Huffington Post

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