aside: I know that there are people in foreign countries that, because they can't send cash (over a certain amount) to the US, will do debt swaps in order to pay someone. For example, I owe a guy in china 25k and a guy in China owes you $25k. Instead of me paying the guy in China, I'll just pay you and the guy that owes you will just pay the guy I owe money to in china and everyones happy. This is a method of money laundering that occurs. So much shizzle going down in the world of payments these days. Exiting times, not sure what the future holds.I wonder if gov'ts are pushing for cashless societies because it would take a toll on the black market? However then I anticipate the black market would just become a barter system.
There's no doubt that money laundering is far more difficult with credit than it is otherwise. Still, businesses in the US that make a transaction over a certain dollar amount have to report it thusly, whether it's on credit or otherwise. It's much easier to hide cash though. You can hide $10k influxes in to a cash business like a bar/restaurant much more easily than you can in a b2b space that typically uses ACH/Credit. That's why those gangsters are always running bars/stripclubs/casino's. -Over the counter cash transactions.