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UNODC: Global Crime Profits Reach $2.2 Trillion in 2009
A recent report by the United Nations Office on Drugs and Crime (UNODC) has revealed that a staggering $1.6 trillion out of the total $2.2 trillion criminal proceeds in 2009 were laundered. This alarming figure highlights the significant threat posed by organized crime to global financial systems.
Luxembourg’s Efforts to Combat Money Laundering
In response to this growing concern, Luxembourg has conducted a comprehensive national risk assessment (NRA) to identify and mitigate the risks associated with money laundering and terrorist financing (ML/TF). The NRA is a collaborative effort between various government agencies, regulatory bodies, self-regulated organizations, investigative authorities, prosecution authorities, and the Financial Intelligence Unit.
Assessment of Inherent Risks
The NRA identified the primary threats to Luxembourg as money laundering of foreign proceeds of crime. The domestic exposure to money laundering was found to be significantly smaller. The risks posed by terrorism and terrorist financing were assessed as moderate overall.
Table 1: ML/TF Threats
| Designated Predicate Offense | External Exposure | Domestic Exposure | Overall Threat Level |
|---|---|---|---|
| Money Laundering | Very High | Medium | Very High |
| Fraud and Forgery | Very High | High | Very High |
| Tax Crimes | Very High | Medium | Very High |
| Corruption and Bribery | Very High | Medium | Very High |
Prioritizing Strategic Actions
The NRA’s findings will inform strategic actions to improve Luxembourg’s Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regime. The report prioritizes resource allocation and identifies areas for improvement to enhance the country’s AML/CFT framework.
This comprehensive assessment demonstrates Luxembourg’s commitment to combating money laundering and terrorist financing, ensuring a safer financial system for its citizens and contributing to global efforts to combat organized crime.