Mafia is now ‘Italy’s No.1 bank’January 11th, 2012 - 11:04 pm ICT by Aishwarya Bhatt
Rome, Jan 11 (THAINDIAN NEWS) The various mafia groups in Italy earn as much as seven percent of the country’s GDP. A new report places spotlight on the finances of the Italian mafia.
Titled Criminality’s Grip On Business, the report claims that the Italian mafia makes a profit of more than £110 billion each year. The mafia collects this amount from the various businesses located inside the country. They use intimidation, extortion and criminal means to get the businesses to comply.
With that amount, the report has identified that the mafia has become the No. 1 bank in Italy because of the sheer volume of money that they collect annually. The report says the mafia is taking advantage of the current economic situation in Italy to milk businesses dry. They offer loans and collect astronomical interest on the money.
The report stated that, “The classic neighborhood or street loan shark is on the way out, giving way to organized loan sharking that is well connected with professional circles, and operates with the connivance of high-level professionals. This is extortion with a clean face. Through their professions, they know the financial position of their victims perfectly.”
The Italian police is involved in fighting the mafia. There are suggestions that the police service has been corrupted by the mafia making the fight on the organized criminals unfruitful.
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