ABSTRACT
The pursuit of criminal money as distinct law enforcement activity is often attributed to the US Bank Secrecy Act 1970 and the subsequent creation of money laundering as a distinct criminal activity in 1986. The creation of the euro currency in both coins and notes was culmination of a multi-year project to establish a common currency under the obligations of the Maastricht Treaty of the European Union, signed in 1992. Sweden has been highlighted as the poster child for cashless society and is predicted to become the first cashless country by 2030 or as soon as 24 March 2023. The country's tradition of social welfare and concern for all will hopefully serve as a force to make the transition toward a cashless society positive in the sense that it will not create a group of people that live outside the system hurt by this transformation. For the unbanked segment of society, the move to a cashless economy remains a challenge.
