In addition, the events of September 11th have added another dimension to the problem of money laundering and brought to light the synonymy between money laundering and terrorism. Reliable estimates by the IMF put money laundering to be in the ranges of USD 590 billion to USD 1.5 trillion, about 2% to 5% of the world’s economic output.
Due to banks’ confidentiality principle and their capability to handle huge cashless transactions and transmit funds efficiently, they are normally the targets of money laundering activities. In doing so, banks also suffer serious consequences from money laundering, which include reputation and legal risks.