By Anastasia Moloney
BOGOTA (TrustLaw) - Money laundering in Colombia totals $8 billion each year, a sum equivalent to three percent of the country’s gross domestic product, Colombia’s interior minister, German Vargas, said last week.
Money laundering is a major problem in the South American nation, with much of it blamed on the country’s drug cartels.
Colombian cocaine traffickers are known to set up fake companies and businesses at home and across Latin America, particularly in Panama and Mexico, to launder drug-related cash.
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