Money laundering, tax evasion suck billions from Mexican economy

Drugmoney3

 

REPORTING FROM MEXICO CITY -- The Mexican economy is "hemorrhaging" billions of dollars annually because of money laundering, tax evasion and other forms of corruption, a new study has found.

Mexico lost $872 billion between 1970 and 2010, the Washington-based advocacy organizationGlobal Financial Integrity said in an 80-page report released Monday. That averages a whopping 5.2% of gross domestic product, the group said.

“This is an enormously damaging reality for emerging markets and developing countries ... an enormously damaging drainage of resources," the group's director, Raymond W. Baker, said at  a news conference.

It is money that could have been used to invest in education, to build roads or to fight the drug cartels, he noted, in a country with one of the largest gaps between rich and poor. "The negative ramifications are huge for everyday Mexicans,” he said.

One of the most common ways for money to flow illegally out of Mexico is trade manipulation or incorrect pricing, Baker said, when companies or individuals falsify invoices and undervalue or overvalue exports or imports. The Times recently reported that "trade-based" money laundering was fast becoming a favored method of powerful drug cartels.

"Trade-based laundering takes advantages of blind spots in international commerce," The Times said. "And the huge, and growing, volume of legitimate trade between Mexico and the U.S. — now nearly $400 billion a year — makes it extraordinarily hard to detect."

In its report, Global Financial Integrity said illicit cash outflows from Mexico soared after the 1994 North American Free Trade Agreement, or NAFTA, went into effect -- from an annual average in the 1980s of $10 billion to $50 billion after 2000.

"NAFTA freed up trade," Baker said. "But it also freed up the opportunity to abuse trade."

http://latimesblogs.latimes.com/world_now/2012/01/money-laundering-...

Views: 79

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

Comment by Burbia on January 31, 2012 at 1:11pm

i believe in the us its called the fed reserve...

"Destroying the New World Order"

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

TOP CONTENT THIS WEEK

Latest Activity

Raz Putin commented on James T. Kirk's video
Thumbnail

Kurds throw potatoes at US troops withdrawing from Syria

"He he okay how about potato chips kind of neutral..."
4 minutes ago
Raz Putin posted a status
"Anti Zionist League.com https://antizionistleague.com/"
15 minutes ago
James T. Kirk posted a status
"She's Back, and Crazier Than Ever! http://www.youtube.com/watch?v=plvxYQbvu98"
21 minutes ago
James T. Kirk posted videos
25 minutes ago
Raz Putin favorited Diana's photo
28 minutes ago
Raz Putin commented on Diana's photo
Thumbnail

Don't Be Fooled

"Oh Vey!!! Another Zionist wolf is sexy sheep's clothing...;}"
29 minutes ago
Chris of the family Masters favorited Maria De Wind's photo
34 minutes ago
Raz Putin favorited Maria De Wind's photo
40 minutes ago
Raz Putin left a comment for Stephen Lint
"Salutations Stephen Lint and thanks for joining us here at 12160.info. Please let us know if you…"
42 minutes ago
Raz Putin left a comment for Frederick Gregory Meagher
"Greetings Frederick Gregory Meagher and welcome to our neighborhood here at 12160.info. Please…"
45 minutes ago
Raz Putin left a comment for Elma Cannon
"Hi Elma Cannon welcome to 12160.info. Please let us know if you have any questions regarding…"
51 minutes ago
Maas commented on Diana's photo
Thumbnail

Don't Be Fooled

"She's a Zionist as well"
52 minutes ago
Raz Putin left a comment for Terrence La Cava
"Hi Terrance thanks for joining us here at 12160.info Please let us know if you have any questions…"
53 minutes ago
Maria De Wind's photo was featured
56 minutes ago
James T. Kirk commented on James T. Kirk's video
Thumbnail

Kurds throw potatoes at US troops withdrawing from Syria

"LOL Raz Putin, don't you mean American Fries lol"
56 minutes ago
James T. Kirk commented on James T. Kirk's video
Thumbnail

The Atomwaffen, Red Flag Laws, and Creeping Tyranny

"Thank you for your comments James Roberts. I hope not, I spent my life training with one. I would…"
57 minutes ago

© 2019   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted