Search results

In the past few years, several countries have begun to drastically change their economies to be entirely cash free. The point of this policy change is to hopefully prevent the amount of crime that results from the proliferation of cash. However, there are potential negative consequences to this policy change that receive little to no attention and there are several misconceptions regarding the opportunistic nature and resourcefulness of organized crime. As such, this paper aims to attempt to study these potentially negative consequences to provide some warning to countries adopting a cashless economic policy.

This is a conceptual paper relying upon an understanding of the literature in the fields of sociology, anthropology, psychology and criminology as applied to the topic of money and economic policy.

This paper discusses numerous negative effects to adopting a cashless economic policy, to include the proliferation of underground financing through the hawala system and organized criminal channels, the increased use of Bitcoin, the more difficult task of tracking currency through bank reporting requirements, and the potential effect of increasing other crimes, which are harder to track.

This is an entirely conceptual paper. As such, it is not able to state definitively whether the outcomes discussed will occur or to what extent it may occur.

This paper could help to serve as a warning for governments wishing to adopt a cashless economic policy, and it may encourage those countries to hopefully develop safeguards to prevent some of the potentially negative effects that might result.

This paper expands upon the understanding of money and the various ways that individuals may adapt or react culturally, psychologically or violently to changes in monetary policy or the form of currency itself.

There have been few if any paper discussing the consequences of cashless economic policies and its implications toward organized crime. This paper is unique in both the subject matter being discussed and the conceptual arguments it puts forth.

This paper aims to attempt to tie in specific events into the case of Linde v. Arab Bank to provide a greater context. This case is the first where a US court held a bank civilly liable for providing financial support to a terrorist organization, but to do so, the court had to decide on several factors, involving as follows: the application of the anti-terrorism act; the sufficiency of evidence; and the causation of the plaintiffs’ damages.

This paper is a case study of Linde v. Arab Bank. It also takes an in-depth view of one particular terrorist attack that was alleged to have been financed by Arab Bank PLC. This paper reviewed similar legal cases, law review articles on the subject, congressional and government reports, congressional testimony and open source news involving the case and the terrorist incidents involved.

The court, in this case, ruled in favor of holding Arab Bank liable for money laundering and terrorist financing, which allowed American families to sue the bank for the loss of their loved ones.

This paper focuses on a unique issue involved in money laundering and terrorist financing. It is not fully a legal paper or a traditional academic paper. It is also unique in that case studies are rare in criminal justice and criminology journals.