50 Statistics on Money Laundering

Money laundering is a financial crime that relies on stealth and flying under the radar. Understandably, detection poses a significant challenge in this field.  Historians think that the term money laundering originated from the Italian mafia, specifically by Al Capone. During the 1920s and 30s, Capone and his associates would buy laundromats (where ‘laundering’ comes from) to mask profits made from illegal activities such as prostitution and selling bootlegged liquor.

Countries worldwide have drafted and implemented regulations pertaining to money laundering, and global organizations like the United Nations Office on Drugs and Crime (UNODC) and the Financial Action Task Force (FATF) oversee the operations of the entire global finance industry. Yet money laundering remains a threat and a phenomenon that is hard to track. Despite its incognito nature, there are some statistical insights available on this global crime that costs the world around USD 2 trillion every year.


Statistics on Money Laundering

  • In 2009 the estimated global success rate of money laundering controls was a mere 0.2% (according to the UN and US State Department)
  • Authorities intercepted USD 3.1 billion worth of laundered money in 2009. Over 80% of which was seized in North America (UN estimate)
  • The estimated global spending on AML compliance-related fines was USD 10 Billion in 2014.
  • Globally, banks have spent an estimated USD 321Billion in fines since 2008 for failing to comply with regulatory standards, facilitating money laundering, terrorist financing, and market manipulation.
  • In 2019, banks paid more than USD 6.2 billion in AML fines globally.
  • FIU has categorized 9,500 Non-Banking Financial Companies (out of an estimated 11,500 registered) as ‘high-risk financial institutions’, indicating non-compliance, as of 2018.
  • As of 2020, the USA was deemed Compliant for 9 and Largely Compliant for 22 out of 40 FATF Recommendations.
  • In India as of 2018, approximately 884 companies are on high alert for money laundering and assets worth INR 50 Billion. They are being probed under the Prevention of Money Laundering Act (PMLA 2002).
  • From 2016-17, searches were conducted in money laundering 161 cases filed under PMLA
  • As of 2018, India was deemed Compliant for 4 of the core 40 +9 FATF recommendations, Largely Compliant for 25, and Non-Compliant for 5 out of 6 core recommendations.
  • The estimated amount of total money laundered annually around the world is 2-5% of the global GDP (USD 800 Billion – 2 Trillion)
  • In 2009, total spend on illicit financial activities like money laundering was 3.6% of the global GDP, with USD 1.6 trillion laundered (according to the UNODC)
  • Over 200,000 cases of money laundering are reported to the authorities in the UK annually.
  • About 50% of cases of money laundering reported in Latin America are by financial firms.
  • According to the government of India, approximately USD 18 billion is lost through money laundering each year.
  • A 1996 report published by Chulalongkorn University in Bangkok estimated that a figure equal to 15% of the country’s GDP ($28.5 billion) was illegally laundered money.
  • In the UK, the total penalties from June 2017 to April 2019 on anti-money laundering non-compliance was £241,233,671.
  • Iran stands at the top of the Anti-Money Laundering (AML) risk index with a score of 8.6, the world’s highest. Afghanistan comes second with a score of 8.38, while Guinea-Bissau comes 3rd with a score of 8.35.
  • Mexican drug cartels lander at least USD 9 billion (5% of the country’s GDP) each year
  • Money laundering takes up about 1.2% of the EU’s total GDP.
  • Completing the KYC process usually costs banks around USD 62 million.
  • 88% of consumers say their perception of a business is improved when a business invests in the customer experience, especially finance and security.

 


crypto currency

Cryptocurrency Money Laundering Statistics

The cryptocurrency space presented an unexplored and unfamiliar territory to AML regulators and still remains to do so in some parts of the world. However, many governments such as Japan, Singapore, Malaysia, China, U.S.A, and Spain, among others, have been actively regulating the crypto market in their countries. While crypto regulations for anti-money laundering are relatively new, some statistical insights into this nascent industry are available.

  • Europol (financial analyst agency) claims that the Bitcoin mixer laundered 27,000 Bitcoin (valued at over $270 Million), since its launch in May 2018.
  • Research shows that the total amount of money laundered through Bitcoin since its inception in 2009 is about USD 4.5 Billion.
  • 97% of ransomware cataloged in 2019 demanded payment in bitcoin.
  • The UK-based Crypto firm, Bottle Pay ceased operations in 2019 due to the regulatory requirements prescribed by the 5fth Anti-Money Laundering Directive. The firm closed down operations after raising USD 2 million because they did not agree with the KYC requirements outlined in 5AMLD.
  • In the first five months of 2020, crypto thefts, hacks, and frauds totaled $1.36 billion, indicating 2020 could see the greatest total amount stolen in crypto crimes exceeding 2019’s $4.5 billion.
  • The global average of direct criminal funds received by exchanges dropped 47% in 2019. (Darknet marketplace)
  • In the first five months of 2020, crypto thefts, hacks, and frauds totaled $1.36 billion.
  • Though the total value collected by criminals from crypto crimes is among the highest recorded, the global average of criminal funds sent directly to exchanges dropped 47% in 2019.
  • 57% of FATF approved Virtual Asset Service Providers (VASPs) still have weak, porous anti-money laundering measures. Their AML solutions and KYC processes fall at the weak end of the required standard.
  • Japan reported over 7,000 cases of money laundering via cryptocurrencies in 2018.
  • Only 0.17% of funds received by crypto exchanges in 2019 were sent directly from criminal sources.

aml-software

Anti-money Laundering Software Market

With money laundering methods evolving at a rapid pace and regulatory compliance requirements adapting to combat them, AML Software has become an indispensable part of any institution’s Anti-money Laundering process. The regtech market for AML software is growing at a strong rate.

  • The global anti-money laundering software market was valued at $879.0 million in 2017 and is projected to reach $2,717.0 million by 2025.
  • 44% of banks reported an increase of 5–10% in their AML and BSA budgets and are expected to increase their spending by 11-20% in 2017.

fraud

Fraud

Another financial crime that is quite a common occurrence, fraud also poses a problem for financial institutions and their clients across the world. Fraud and money laundering have an unseen connection. Money that is acquired through fraudulent means often needs to be laundered to be usable and accepted in the mainstream economy. Fraud and money laundering may not seem related at first sight, but they certainly are. Here are a few statistics on fraud across the world.

  • 47% of Americans have had their card information compromised at some point and have been victim to credit card fraud
  • 21% of Americans have faced debit card fraud
  • Credit card fraud amounts to around USD 22 billion globally.
  • 47% of the world’s credit card fraud cases occur in the US.
  • 69% of scams occur when the consumer is approached via telephone or email.
  • Credit card fraud increased by 18.4% last year and is on the rise.
  • Identity theft makes up 14.8% of all reported fraud cases.
  • Worldwide financial institutions paid fines amounting to USD 24.26 billion last year due to payment fraud.
  • Identity theft represents about 14.8 per cent of consumer fraud complaints with reports of 444,602 reported cases in 2018.
  • Identity fraudsters robbed USD16 billion from 12.7 million U.S. consumers in 2014.
  • They stole USD18 billion in the U.S. in 2013.
  • The total cases of fraud in 2019 were 650,572.
  • The end of July 2020 showed over 150,000 COVID-19 related fraud threats.
  • In 2019, almost 165 million records containing personal data were exposed through fraud-related data breaches.
  • Identity theft is most common for consumers aged between 20-49 years.

 


 

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SINGAPORE, Sept. 24, 2018: Tookitaki Holding Pte Ltd, a leading regulatory technology company, is pleased to announce the official opening of its North American office in Charlotte, NC, in the Unite...

We Tame Machines but We Unleash Human Spirits

We are well aware of the fact that our progress as an organization is in the hands of our employees. The more energy, time and attention we invest in them, the more yield we receive. So, we always mak...

5 Methods That Modern Money Launderers Use To Beat Detection

Society prepares the crime, the criminal commits it. DID YOU KNOW? Every year, an estimated amount in the range of US$800 billion-US$2 trillion (2-5% of global GDP) is being laundered globally Regulat...

Risk Management Conference: Positive Vibes from All Corners

The Risk Management Association’s (RMA) premier annual event, the Risk Management Conference, came to an end on 6 November, and Tookitaki had the privilege to attend the event which we believe was ...

Singapore Fintech Festival: Tookitaki to showcase advanced machine learning solutions in financial services

Singapore is assured of the Fintech world’s unwavering attention next week, as the city state, is hosting this year’s Fintech Festival during 12-16 November. Touted as the world’s largest platfo...

The RMA Clarion Call to Address Risks and the Tookitaki Way

Risk officers, doing your best today is good while preparing hard for tomorrow is extraordinary. Risk management at banks has become difficult due to operational and regulatory changes. The Risk Manag...