Internet Payment Processor Liberty Reserve Accused of Laundering $6 Billion

pdclarry writes with a followup to this weekend's story that Liberty Reserve, a huge international payment processor, had been shut down and its founder had been arrested. "Liberty Reserve, apparently the Internet bank of choice for criminals, as reported by the NY Times, Wired and Business Week, has been accused of laundering over $6 billion dollars. Incorporated in Costa Rica in 2006, Liberty Reserve allegedly 'facilitated global criminal conduct' and was created and structured 'as a criminal business venture, one designed to help criminals conduct illegal transactions and launder the proceeds of their crimes,' Manhattan U.S. Attorney Preet Bharara said in an indictment (PDF) unsealed today. Chatter on criminal web sites show a rising sense of panic as fortunes have disappeared in an instant."

Comments

Re:as opposed to the 300 trillion

[Anonymous Coward]

as opposed to the 300 trillion ... that HSBC may have laundered.

Although Matt Taibi has it at 10 Billion

Matt Tailbi's lowball $10 Billion and anyone that cites it is another apologist for capitalist tyranny!!!!!111!!oneone.

</sarcasm-off-for-the-slow-witted>

The gp's $300 trillion is the total amount of all HSBC wire transfers for a three year period, legitimate or otherwise. Libtards think all bank transactions amount to money laundering. It's liberal axiom now that HSBC+Wacovia+WellsFargo+etc. laundered some hundreds of trillions of dollars.

The entire annual Gross World Product is only 80 trillion and change.