Hot and homeless money comes in two types: one is legitimate in origin
but then its owners engage in tax evasion and capital flight, and the other
is of criminal origin which may be seeking sanctuary in the banking system
as a first step toward legitimizing itself, at least in appearance. Banks
also participate in the criminal economy in two ways: insiders use the
bank's legitimate funds illegally and then hide the diversion with
accounting tricks, or legitimate banking functions are used to hide, move,
and launder explicitly criminal money and to make covert, usually illegal,
payments. This second use is facilitated by offshore banks with their
secrecy laws, and by the telecommunications revolution that has made
electronic fund transfers so commonplace. Today, internationally-organized
criminal activity is such a substantial part of the global economy that
many banks cannot afford to look too closely at their biggest customers.
ISBN 1-895431-94-8
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