The siphoning away of billions of dollars a year from normal economic growth poses a real danger at a time when the financial health of every country affects the stability of the global market. Money laundering is bad for the economy. Most disturbing of all, money laundering empowers corruption and organized crime. Corrupt public officials need to be able to launder bribes, kick-backs, public funds and, on occasion, even development loans from international financial institutions. Organized criminal groups need to be able to launder the proceeds of drug trafficking and commodity smuggling.
Terrorist groups use money laundering channels to get cash to buy arms.
The social consequences of allowing these three groups access to the capacity to launder money can be disastrous. Taking the proceeds of their crimes from corrupt public officials, traffickers and organized crime groups is one of the best ways to stop them in their tracks. In recent years, the international community has become more aware of the dangers that money laundering poses in all these areas, and many governments and jurisdictions have committed themselves to taking action. The United Nations and the other international organizations are committed to helping them in any way they can. Money Laundering and Globalization Criminals are now taking advantage of the globalization of the world economy by transferring funds quickly across international borders.