Testifying today before a U.S. congressional committee, Daniel Glaser, undersecretary of the Treasury for Anti-Terrorist Activities, said that money laundering by Mexican and Colombian drug gangs poses the primary threat to the integrity of financial systems in Latin America and other developing regions. Glaser said that drug profits washed and invested in legitimate businesses worldwide are estimated at about $39 billion USD annually. “A lot of that money crosses our border and circulates through our own financial system,” he added.
Glaser delivered his testimony before the House Foreign Relations Committee. He told legislators that president Obama has intensified efforts to stop the flow of dirty money.
Glaser said that efforts against Colombian traffickers have been the most successful so far, resulting in the seizure of over $1 billion USD.
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