Report

Underground banking: legitimate remittance network or money laundering system?

18 Aug 2005
Description

Underground banking, where money is transferred through informal rather than formal banking sectors, is a recognised method by which legitimate remittances from overseas workers are routinely transferred. However, underground banking has also long been regarded as a conduit for money laundering by criminal organisations and arguably by terrorist networks. Rob McCusker provides an overview of how underground banking systems work, their potential for criminal activity and various regulatory responses.

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Published year only: 
2005
106
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