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John Young
jya at pipeline.com
Mon Aug 26 21:12:33 PDT 1996
8-26-96. FiTi:
"Cleaning up the global economy. Policymakers must ponder
the effects of money laundering."
Is money laundering - as opposed to the crimes which
produce it - necessarily such a bad thing?
As Vito Tanzi notes in his IMF paper, the fact that
money launderers are not fussy about economic
fundamentals can help governments continue to pursue lax
fiscal and monetary policies if they are equally unfussy
about the origin of capital inflows. A pact with the
devil, perhaps. But for many countries it may seem more
attractive than signing up to a global financial market
equivalent of Neighbourhood Watch.
+ Money Laundering and the International Financial
System, IMF working paper, May 1996.
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