The Czech Republic is popular with money launderers due to laws requiring nearly indisputable evidence that a crime was committed in generating the funds themselves, according to the anti-corruption police, who estimate some Kč 100 billion worth of ill-gotten gains is washed clean here each year. The police say that with those legalized funds, criminal organizations then generate up to Kč 700 billion a year in profits. Meanwhile, since the new Money Laundering Act took effect, not one case has made it to court under its provisions.
According to figures from the analytical department of the Ministry of Finance published on Wednesday by the daily Právo, in 2010 only Kč 287 million was blocked in 140 cases of suspected money laundering. In the same year, however, there were 1,887 reports of suspect cash flows. The ministry’s analytical department is responsible for investigating reports from banks and other financial institutions about suspicious cash flows.
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