Money Laundering and Foreign Investment in Colombia

in Business Risk, Substance Abuse, Transnational Crime

In 2012, an estimated $18 billion was lost to the Colombian government due to various types of money laundering activities, according to the Financial Information and Analysis Unit.

The amount of money lost in Colombia due to laundering was higher than the total amount of money that was invested into Colombia by foreign entities. According to the Ministry of Commerce, Industry and Tourism, $15.2 Billion of foreign investment funds was directed to Colombia in 2012.

Colombia has a long history of money laundering due to its drug trafficking industry. When cocaine kingpin Pablo Escobar was killed by Colombian security service agents in 1993, it was estimated that he had a $30 Billion in assets.

(Additional examples of money laundering cases worldwide.)

Source:  Ernesto Suarez Gomez, “The tangled web of money laundering,” Infosurhoy, January 7, 2014.

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