From: News America Now
By NAN Staff Writer
News Americas, WASHINGTON, D.C., Thurs. Mar. 3, 2016: Twenty Caribbean and Latin American nations have been named by the U.S. as “major money laundering” countries in the 2016 International Narcotics Control Strategy Report (INCSR) from the U.S. State Department released Wednesday, Mar. 2, 2016.
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The Bahamas: The Commonwealth of the Bahamas also made the US’ major money laundering nations list. The US says because The Bahamas remains a transit point for illegal drugs bound for the United States and other international markets, it remains a major sources of laundered proceeds from drug trafficking, firearms trafficking, gambling, and human smuggling. There is also reportedly a black market for smuggled cigarettes and guns while money laundering trends, according to the US State Department, includes the purchase of real estate, large vehicles, boats, and jewelry, as well as the processing of money through a complex web of legitimate businesses and international business companies (IBCs) registered in the offshore financial sector. “Drug traffickers and other criminal organizations take advantage of the large number of IBCs and offshore banks registered in the Bahamas to launder significant sums of money,” the report added.
