Does Money Laundering Affect me, too?
Does Money Laundering Affect me, too? Yes, it does. Some people are used to consider pickpocketing, hijacking, theft etc. to be a real crime as it is physical and affects a victim directly. As to money laundering it is often much more abstract than pickpocketing or hijacking, and it could sometimes seem victimless.
However, this is just an illusion. Financial crime affects everyone. Its effect is not as directs and obvious, but it is essential.
Tax evaders do not pay taxes. Does it affect me? Yes, it does. It leads to increased tax rates for those who are honest tax-payers. So, you are the victim.
Insurance fraudsters dishonestly get insurance money. Does it affect me? Yes, it does. It leads to increased insurance policy premiums for those who do not cheat insurance companies. So, you are the victim again. Health and property insurance premiums get more and more expensive. For example, the average American household every year pays 1030 USD a year as a result of insurance fraud – so covering sb’s crime with your money.
These are just some effects. Money laundering results higher costs to businesses, higher prices to consumers, higher cost of living in all the spheres of activity, flows of money going to corrupt politicians, sponsoring drug and human trafficking and terrorism financing. So, the results of money laundering can be enormous and disastrous and victims of it are uncountable. Money laundering does matter, because it complicates everybody’s life.