Black Market

A black market or underground economy is the market in which goods or services are traded illegally. The key distinction of a black market trade is that the transaction itself is illegal. The goods or services may or may not themselves be illegal to own, or to trade through other, legal channels. Because the transactions are illegal, the market itself is forced to operate outside the formal economy, supported by the established state power. Common motives for operating in black markets are to trade contraband, avoid taxes, or skirt price controls.
Posts about Black Market
  • Venezuela Public Corruption and Fraud: More Whistleblowers Needed

    …! Business Between a Rock and a Hard Place No legitimate business wants to pay bribes and offer kickbacks but doing business in Venezuela without offering bribes can be difficult. Fail to pay off a key official and you could find your business closed or permits denied. Many would-be whistleblowers are afraid of reprisals and physical violence…

    Due Diligence- 15 readers -
  • Swiss Convict Tax Whistleblower in Absentia

    … remaining in France, a federal court in Switzerland convicted him late last year of industrial espionage. His crime? Being a tax whistleblower. Falciani once worked at HSBC Private Bank in Geneva. As an IT expert, he had wide access to HSBC’s customer accounts. In 2008, he took over 100,000 accounts and gave the information to the French…

    Due Diligence- 17 readers -