Q. The term “Smurfing” is related to which of the following?
Smurfing (also called structuring) is a method in which small sizes of money is kept in several number of bank accounts to hide the real identity of the real owner.
- This has been a very commonly used method of money-laundering.
- During the reform period, as more prudential norms of banking regulation evolved, such acts declined in India.
‘Smurfer’ (or ‘money mule’) is a person who does this.
Source: TMH Ramesh Singh