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[jya@pipeline.com (John Young)]

   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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