Latino countries new destination of laundered money

Banks are increasingly notifying about money laundering suspicion operations, an official source told El Khabar, adding that during this year’s first half, banks have issued 192 money laundering suspicion notifications, i.e. a 100% increase comparing to the three last years.

The same source said Europe stand on the top position in terms of favorite destinations of laundered money, including France, Italy and Belgium, followed by Gulf countries, like Arab Emirates, while some Latin America’s countries, like Brazil, have joined the list.

The number of money laundering suspicion notifications moved from 36 in 2006, to 66 last year, while jumping up to 192 during 2008 first half.

On another side, the same source said export activities have become safe heaven of money laundering operations, while pointing out that no notification has been issued about local products exports.

Meanwhile, Algeria will be subject to evaluation in terms of money laundering and countering financial crimes, scheduled by international organizations early next year.

Worth mentioning that Algerian Justice is procrastinating in terms of treating money laundering cases, while managing settling only two cases off the hundred suspicion notifications being issued by banks.

Source: ElKhabar