GATT and GATS: A Public Morals Attack on Money Laundering

Comstock, Matthew B. | January 1, 1994

Experts estimate current worldwide profits from organized crime at one trillion dollars.’ By comparison, the aggregate profits of the top fifty Fortune 500 companies totaled $33.923 billion in 1993.2 These illegitimate profits derive from a new generation of international organized crime. Perhaps no one better symbolizes this new generation of transnational gangster than the slain leader of the Medellin drug cartel, Pablo Escobar. Mr. Escobar reaped hundreds of millions of dollars from his illicit drug sales. He then “laundered” his ill-gotten wealth in the world’s major financial centers via phones, fax machines, and computers located in his Colombian headquarters.