In the late eighteenth and early nineteenth century, Scotland had a stable financial system. Its stability arose from the pressure that private banks, which had the right to issue bank notes, placed on each other to behave prudently. Unlike in England, the Scottish banking system had no central...

The world of private banking as distinct from other areas of banking, has in it a default system, and other several elements which makes it susceptible to money laundering threats when due implementation of the anti- money laundering procedures are either absent, or lamely applied. This write up...