The extent of money laundering is estimated at $300-500 billion annually. However, money laundering has few separately identifiable economic consequences of any substance. Its measurable economic consequences are probably greatly outweighed by its damage to the social and equity values of society. The five major methods for disposing of proceeds in Australia include spending on high living, storing for future use, the purchase of assets such as real estate and businesses, removal to an offshore location, and placement in the banking system. Developments in the financial system that may affect opportunities for money laundering include the system's rapid expansion, the increasing range of institutions that are becoming involved in issuing checks and other payment mechanisms, shifts toward electronic payments, the development of smart cards (stored-value cards), and large-value payment systems. Figures