Corporate DispatchPro
Crime shouldn’t pay: Why fighting money laundering matters Among the most pervasive threats to the international economy over the past century, money laundering – or the act by which criminals seek to clean illegally-made gains – has rapidly risen among the concerns of governments and citizens alike. The reasons for this uptick in concern are twofold, namely a larger realisation of the wide extent of this phenomenon – with the United Nations suggesting that up to two trillion dollars are being laundered each year – and to the severe impact this crime has on wider society. While citizens are generally aware that money laundering is a crime that needs to be dealt with, often it is seen as merely a criminal activity having little impact on the rest of us. Rather, money laundering means more drugs, violence and crime on our streets. Money launderers generally use illegal businesses to clean their funds and in doing so they have no concern about underpricing their operations, giving the business an unfair competitive advantage. Numerous studies show that financial crime slows down economic growth, diverting tax proceeds from investments that impinge on our wellbeing such as education and health, meaning that eventually we all lose out. As part of the international community, Malta is not immune to these challenges and it is against such a background that the country has significantly stepped up its efforts and invested heavily in the fight against financial crime and safeguarding Malta’s reputation. 39
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