Finance and crime
in Mad Money
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One of the big changes in international finance has been the greatly increased use of the system by organised crime. The business of money laundering could not have so prospered and grown without the facilities for swift and relatively invisible transnational movements of money. This chapter considers, first, how and why this money laundering boom has come about so quickly; and, second, whether the collective efforts of governments to prevent the wholesale laundering of dirty money have been effective. Why governments have been so ineffective in acting to stop money laundering can best be explained by considering the opposing strength of market forces. The lower profitability of the traffic would lessen the demand for money laundering even if it did not much lower the demand for drugs, any more than abolition of the Volstead Act in the United States reduced the demand for alcohol.

Mad Money

With an introduction by Benjamin J. Cohen


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