Cashless Society And Financial Crime Control
There have been several advocates, particularly post-pandemic, for a cashless society (if not world). Motivations for a cashless society are not limited to the control of financial crime of course, although it may be principal among them. From a financial crime control perspective, the logic behind a cashless society is supposedly that because cash has been and is used extensively in the commission of financial crimes (notably dealing in the proceeds of crime offences (money laundering)), cessation of physical currency exchanges would abrogate this risk. This article reviews the possibility of a cashless society and its effect on financial crime and suggests that although physical currency is obviously used in money laundering (especially in its more unsophisticated emanations), it is naïve in the extreme to expect that a business, industry or country ceasing to use physical currency will do anything other than displace any financial crime away from that particular methodology. It then...