Grosses book was published on the eve of the tragic events of September 11, so the subsequent financial regulations of the USA Patriot Act are not included. The dragnet that US law enforcement has cast to catch terrorist finances has also made it much harder for other criminals to launder their illicit revenues. The world's professional money launderers are undoubtedly hard at work devising ways to circumvent the new regulations.

Nevertheless, Grosses analysis of the use of foreign exchange black markets should be of great interest to economists and policymakers. Until now, few economists have examined the macroeconomic implications of money laundering or tried to estimate the magnitude of laundered funds. As a result, segments of Grosses book are a welcome addition to what is a promising, but embryonic, field of study.