E-Gold Under Scrutiny
January 9th edition of Business Week contains a lengthy investigative report by Brian Grow on online money transfer systems like e-gold Ltd. The article focuses on the potential use of the e-gold payment service by those wanting to move money while skirting the reporting obligations associated with US money laundering regulations.
Technorati Tags: E-gold, Money Transfer
E-gold is a "digital currency." Opening an account at www.e-gold.com takes only a few clicks of a mouse. Customers can use a false name if they like because no one checks. With a credit card or wire transfer, a user buys units of e-gold. Those units can then be transferred with a few more clicks to anyone else with an e-gold account. For the recipient, cashing out -- changing e-gold back to regular money -- is just as convenient and often just as anonymous.
In an online extra, Business Week also looks at Russian-based WebMoney and its customers as well as at Dr. Douglas Jackson, the founder of e-gold.
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