Profits
Due to its illicit nature, statistics about profits from the drug trade are largely unknown. In its 1997 World Drugs Report the UNODC estimated the value of the market at US$400 billion, ranking drugs alongside arms and oil amongst the world's largest traded goods. An online report published by the UK Home Office in 2007 estimated the illicit drug market in the UK at £4–6.6 billion a year
In December 2009, the United Nations' Drugs and Crime Tsar Antonio Maria Costa claimed that illegal drug money saved the banking industry from collapse. He claimed he had seen evidence that the proceeds of organised crime were "the only liquid investment capital" available to some banks on the brink of collapse during 2008. He said that a majority of the US$352bn (£216bn) of drugs profits was absorbed into the economic system as a result. "In many instances, the money from drugs was the only liquid investment capital. In the second half of 2008, liquidity was the banking system's main problem and hence liquid capital became an important factor...Inter-bank loans were funded by money that originated from the drugs trade and other illegal activities... There were signs that some banks were rescued that way". Costa declined to identify countries or banks that may have received any drug money, saying that would be inappropriate because his office is supposed to address the problem, not apportion blame.
Read more about this topic: Illegal Drug Trade
Famous quotes containing the word profits:
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Unequal laws unto a savage race
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—Alfred Tennyson (1809–1892)
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—George Bernard Shaw (1856–1950)
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—E.B. (Elwyn Brooks)