MOBILE MONEY BOOMS, GIVING MONEY LAUNDERERS NEW MEANS TO CLEAN CRIMINAL PROCEEDS

MOBILE money transactions surged in 2015 across the world – increasing by 31% to reach 411 million mobile money accounts, and this is a critical platform for expanding financial inclusion globally, according to GSMA, a UK-based global mobile industry association, in its February 2016 annual report on the ‘State of the Industry Report on Mobile Money’.  As usual, however, where there is a new method to make legitimate financial transactions, dirty money will follow, and mobile money is the latest frontier in money laundering and terrorist financing, said ...


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