The purpose of the study is to examine the available literature to comprehend what the underground banking system is, for what purposes this method is used, and how policymakers should proceed to address this issue. The approach involved conducting this study and combining it with a critical analysis of the available literature as well as the available historical data. The sources the study has explored include government documents, public hearings,  academic articles, case studies, and articles available on the Internet.  The study revealed prevention of illegal proceeds is critical, still regulating one entity, is a  phenomenon of Boyle's law, " squeezing the balloon ". If one end of the balloon is squeezed, making the volume smaller, the pressure inside increases, making the un-squeezed part of the balloon expand out. The real issue is not how criminals transfer their illegal earnings; it is the criminals themselves. Hence, the policy decision on this issue needs to be carefully considered.

  Dinesh Sivaguru, Kamal Tilakasiri

Journal of Money Laundering Control

Abstract:- https://doi.org/10.1108/JMLC-05-2023-0084