UN Head on Crime Says Drugs Money Saved Bank

January 30, 2009 at 6:57 pm Leave a comment

UNODC Executive Director Antonio Maria Costa has told an Austrian newspaper that as the banking crisis became apparent last year the only money available to save many banks was that generated by the illegal narcotics trade.

“In many instances, drug money is currently the only liquid investment capital,” he told Profil, adding, “[There were] signs that some banks were rescued in that way.”

Costa did not identify however which banks were involved but added that Austria was not one of the main offenders.

More story: UN Head on Crime Says Drugs Money Saved Bank

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Entry filed under: news.

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