World drug market estimated at about $500-800bn

The world drug market is estimated at about 500-800 billion dollars, Director of the Federal Service for Control over the Circulation of Drugs Viktor Ivanov said at the 30th international conference of the law enforcement agencies for the struggle against drug trafficking here on Wednesday. “According to different estimates, the world drug trade volume is estimated at 500-800 billion dollars that is comparable with the market of hydrocarbons,” Ivanov said, noting that, according to the estimates of the World Bank, the world economy sustains 2-3 times more damages, because the expenses for the struggle against drug crimes are included in the losses. Ivanov noted that the drug money, which is getting in the financial banking system, violates the competition and results in corruption. Meanwhile, chairman of the Eurasian group for counteraction to the legalization of criminal incomes and financing of terrorism Yuri Chikhanchin noted that during the world financial crisis, according to international experts, the money, which was acquired from the sale of drugs and which stabilized several banking structures, was injected in the banking system. For a successful struggle against the drug production it is needed to work more actively to combat the legalization and laundering of the monetary funds, which were received from the drug trade, Chikhanchin underlined.