Finextra on 5th June carried a blog post about “transaction laundering”.  It says that electronic money laundering, also known as transaction laundering, is the most common, but least enforced , method of money laundering.  The principle is simple: an unknown online business uses an approved merchant’s payment credentials to process credit card transactions for unknown products and services.  It says that research has shown that transaction laundering for the online sales of products and services reaches over an estimated $200 billion a year in the US alone. Of this, $6 billion involves illicit goods.—money-laundering-goes-electronic-in-the-21st-century


Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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