Global drug trafficking scope comparable with hydrocarbon market - FSKN chief
MOSCOW. June 5 (Interfax) - Global drug trafficking is annually valued at $500-800 billion, Federal Drug Control Service head Viktor Ivanov said at the 30th International Drug Enforcement Conference (IDEC XXX) in Moscow on Wednesday.
"Experts estimate the annual turnover of global drug trafficking at $500-800 billion. This is comparable with the hydrocarbon market," he said.
Drug trafficking inflicts serious damage on the world economy, Ivanov said. "When drug money comes to banks, competition is disrupted and the economy sustains significant damage," he said.
In turn, head of the European group for prevention of money laundering and financing of terrorism Yuri Chikhanchin said some banks did not hesitate to attract drug money amid the crisis.
"There is information that some banks attracted such funds during the crisis to stabilize their position and to solve the liquidity problems," he said.