Editorial

Clipping your ticket at both ends The raison d'etre for organized crime is money.It is a profit-driven exercise in which every move is calculated to advance the pecuniary interests of the crime syndicate.If there are rivals, it is because they are muscling in on "territory."If there is violence, it is to settle scores because of incursions into another gang's market share or a failure by a member of the gang to perform according to instructions.Losing the money or drugs can be a capital offence.But generally, organized crime groups work well together for a reason; it increases everybody's share of the profits.In our global village, organized crime syndicate work well across national borders.Artificial political demarcations are simply that, invisible lines drawn over landscape.Borders are mere impediments.Air, sea and vehicle, even foot, travel allow persons to move product and money across borders, often with impunity.Just as we all must develop our technological savvy to remain current in business, so must crime groups.Use of e-mail and social media are second nature to those growing up today, and that includes criminal actors.The commercial benefit of the internet and all it has to offer comes when a business can harness it for pecuniary benefit.The best website, the easiest e-access, a strong social media presence, simple invoicing and payment systems differentiate winners and losers in today's virtual business world.The same applies to organized crime.Although they may not use websites and other "traditional" forms of outreach, it is the ability to adapt old methodologies to this brave new world that allows them to leverage their business model.Such is the case with money service businesses.These businesses offer services to patrons which are not readily available elsewhere in the financial industry in a particular location or can do it cheaper and more efficiently.The global anti-money laundering scheme, largely driven by the FATF, requires that MSBs, similar to other financial entities, comply with anti-money laundering rules, just as banks and other mainstream financial organizations must do.This generally requires registering with the national financial intelligence unit, establishing a compliance regime, reporting large and/or suspicious transactions and maintaining appropriate records.There are however MSBs which do not comply with government requirements or carry-on business where regulation is sparse or unenforced.These so-called underground bankers or informal remittancers have existed since the earliest of time.They are referred to by various designations, hawala being a term of specificity that has become synonymous with the underground trade generally.These unregistered entities transact business from a distance, within family or ethnic groups, within criminal organizations or through collegial connections.Unregistered remittancers rely upon one foundational ingredienttrust.This must exist between the sender and the receiver.Money deposited or left with one will not be sent to the other party through electronic or other means.A virtual handshake over e-mail or other electronic platform will suffice, and the correspondent banker will release the same funds to a designated party.The entire transaction, for any amount of money, occurs without an electronic or paper footprint, other than a notation in the books of the respective underground banker and a curt message from one to the other.Being an unregistered banker comes with its risks, both legal and pecuniary.To compensate for that risk, a fee is charged which tends to be higher than a standard transaction fee in the mainstream financial industry.Both underground bankers will share the fee in whatever way has been predetermined.A settling of accounts will take place over time and may involve the use of third parties or the purchase of commodities for shipment.The methods are endless.The pinnacle of success in the informal world is to clip your ticket at both ends, in

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