What is the latest information on money laundering in New South Wales and related matters?
Mr BOB DEBUS: I thank the honourable member for Miranda for his question. As he knows from his experience before he entered the House, illegal arms sales, smuggling, drug trafficking and prostitution rings can generate massive amounts of tainted money and assets. Mr Peter Debnam: Which bit was he involved in? Mr BOB DEBUS: He was a prosecutor, you dill. The OECD has estimated that the annual figure for the laundering of drug money alone exceeds $1,100 billion globally. The International Monetary Fund has estimated that the aggregate size of money laundering could be between 2 per cent and 5 per cent of global domestic product. The annual value of money laundering globally is estimated to be as high as $US 2 trillion. Estimates for Australia range up to $9.5 billion. In Australia the majority of laundered funds are the proceeds of revenue evasion but a substantial amount is the proceeds of criminal activities, mainly drug trafficking. Australia has been a world leader in the battle agai
