Today, the serious crime of money laundering is performed in every country with different forms of operations involving criminal activity and other illegal activities. Majorly, countries having problems related to policymaking and law implementation, experience plenty of money laundering cases and social instability as well. The list mostly comes under the developing and under-developed nations. Not only the poor countries, but reports show that in countries like the US and UK, money is frequently laundered.
Nigeria is among the countries where there are too many cases of money laundering. The major reason is corruption. Nigeria’s former minister of petroleum was arrested for money laundering recently.
The second in the ranking is Isle of Man with 0% corporation taxes and 20% income tax and is also one of the well-known hotspots of money laundering.
The British Virgin Islands is another greatest country dealing with many money laundering cases; another tax haven. There are many offshore companies legally operating there.
A lax financial system also exists in Cyprus and in a report by EU-commission, it was claimed that millions of dollars are deposited BY Russians to the local banks which are suspected to be laundered money coming from Moscow’s mafia.
A number of serious fraud cases are also reported in Hong Kong. It was reported that there were nine money laundering cases in the first half of this year.