Banking security considered a ‘laughing stock’: “[...] Dyson highlighted online money transfer services such as e-gold and Hawala, also known as Hundi, as methods used by criminals to obfuscate the source of funds.
Hundi was a network of unofficial brokers who performed international transactions by having one broker accept a sum of money in one country. The broker’s overseas colleague would then pay the corresponding sum to the intended recipient, and the two brokers would resolve their settlement at a later date.
That made transactions “very hard to trace”, Dyson told the conference.
Cross-border jurisdictions and a global, anonymous online environment were also a challenge for police, who had to operate within the confines of privacy law. [...]” http://www.itnews.com.au/News/252573,aussie-police-probe-virtual-worlds-for-money-trail.aspx
