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Global efforts to tackle money laundering are less than 1% successful

5 March 2015

A report for Bloomberg claims that global efforts to tackle money laundering are less than 1% successful.

Report author Charles Kenny, a senior fellow at the US Center for Global Development, believes that money laundering accounts for at least 2% of global financial transactions.

Mr Kenny says that roughly $1.5 trillion a year is laundered and yet annual convictions worldwide for money laundering rarely involve more than hundreds of millions of dollars. He believes that the US authorities seize less than 0.2% of all laundered money.

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