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Laundered $8bn per year in Colombia
BOGOTA : Nearly $8 billion, roughly the equivalent of 3 percent of Colombia 's GDP, are laundered in the country each y
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BOGOTA: Nearly $8 billion, roughly the equivalent of 3 percent of Colombia's GDP, are laundered in the country each year, Attorney General Viviane Morales said Thursday.
Morales confirmed the figures, citing government estimates, at a Pan-American forum on money laundering and terrorism financing.
She did not specify how much of the illicit funds come from the cocaine trade. Colombia is the world's largest producer of cocaine with 350 tonnes exported in 2010, according to UN figures.
Morales said money laundering has a negative impact on the economy and causes inflation and unemployment, as well as reduces domestic production.
Copyright Reuters, 2011
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