Reviewed by JEFF KINGSTON The scandalous tolerance of massive money laundering by global financial institutions contributes to poverty and stifles development. An estimated $5 trillion has flowed through such laundering mechanisms from poor countries to the banking system of wealthy nations. While world leaders fiddle with debt relief and battle aid fatigue, they ignore the far larger sums involved in this racket.
The messenger is part of this powerful and compelling message. Raymond W. Baker, an American businessman and ardent capitalist, asserts that battling corruption is in the interest of the wealthy nations because stopping the outflow of dirty money from poor countries will accelerate their development, lessen their dependence on development assistance and transform them into more robust markets.
Here we are offered a grand vision -- rolling back poverty worldwide -- with concrete suggestions regarding the abuse of tax and banking systems. Western countries continue to turn a blind eye to money laundering at their own peril. Baker asserts that the global financial system is riddled with falsification and illicit practices by well known banks, so it is no wonder that rogue regimes and terrorists have such an easy time sustaining themselves with illicit proceeds. Terrorists, drug barons and gangsters do their laundering along side tonier clients with the same impunity. Baker explains that the mechanisms facilitating tax evasion, poverty and terrorism are one and the same and should be treated as such.