11 Nonbank institutions, such as payday lenders, check cashers, and remittance agents, are important sources of financial services in low- and moderate-income communities. In some cases, nonbank service providers offer convenience to customers but at prices that have raised concerns (Carr and Schuetz, 2001, and Barr, 2004).
Without having robust extradition laws, the criminals would have loopholes in the global sphere that would allow them to evade law enforcement agencies in a particular jurisdiction. The existence and membership to regional anti-money laundering groupings is important in that it contributes to the harmonization of laws and standards.