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How terrorists exploit gaps in US anti‐money laundering laws to secrete plunder

How terrorists exploit gaps in US anti‐money laundering laws to secrete plunder Shows how terrorists finance their operations from crimes like immigration benefit fraud, cigarette smuggling, kidnapping and drug trafficking, and also petty crimes like benefit card theft, identity theft and welfare benefit fraud; this is especially easy if they avoid the banking system and use a cheque cashing business. Concludes that legislators and regulators need to plug gaps in existing anti‐money laundering legislation, by regulating cheque cashers more aggressively and enlisting help from traditional banks; banks should identify individuals making cash deposits into bank accounts, identify money transmitter clients, and close accounts of clients who are not licensed; and law enforcement agencies should look more strategically at Suspicious Activity Reports filed by banks. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Money Laundering Control Emerald Publishing

How terrorists exploit gaps in US anti‐money laundering laws to secrete plunder

Journal of Money Laundering Control , Volume 8 (3): 15 – Jul 1, 2005

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Publisher
Emerald Publishing
Copyright
Copyright © 2005 Emerald Group Publishing Limited. All rights reserved.
ISSN
1368-5201
DOI
10.1108/13685200510620957
Publisher site
See Article on Publisher Site

Abstract

Shows how terrorists finance their operations from crimes like immigration benefit fraud, cigarette smuggling, kidnapping and drug trafficking, and also petty crimes like benefit card theft, identity theft and welfare benefit fraud; this is especially easy if they avoid the banking system and use a cheque cashing business. Concludes that legislators and regulators need to plug gaps in existing anti‐money laundering legislation, by regulating cheque cashers more aggressively and enlisting help from traditional banks; banks should identify individuals making cash deposits into bank accounts, identify money transmitter clients, and close accounts of clients who are not licensed; and law enforcement agencies should look more strategically at Suspicious Activity Reports filed by banks.

Journal

Journal of Money Laundering ControlEmerald Publishing

Published: Jul 1, 2005

Keywords: United States of America; Money laundering; Terrorism; Legal systems;

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