Informal money-transfer systems such as hawala have grown more organised and now lean heavily on digital tools to hide criminal proceeds, a Financial Action Task Force (FATF) report concludes.
Drawing on information from about 45 countries and organisations, including Pakistan and India, the Paris-based body found that these networks—often called hawala and other similar service providers—are no longer simple cash-based operations.
They have become scalable businesses that move large sums quickly and cheaply across borders.
More than 80 percent of the jurisdictions that contributed said underground banking ranks among the main methods used by professional money launderers.
In some documented schemes, operators moved more than €500 million in only a few months.
The report stresses that while such services can meet legitimate remittance needs, running them without a licence is illegal in most places and runs counter to FATF standards that call for registration and oversight.
One case from Oman illustrates the shift.
The Central Bank of Oman learned through a whistle-blower that unlicensed operators were sending money to Pakistan.
Investigators joined a WhatsApp group advertising cheap transfers, watched social-media activity, and traced payments made in cash or via mobile wallets.
Operators then forwarded screenshots of e-wallet credits in the destination country.
They exploited fee-free corridors such as Pakistan’s Raast system and small exchange-rate gaps offered by digital wallets, generating profit while undercutting official channels.
Authorities identified six people linked to roughly $72,000 in recorded flows over a year.
A separate Indian investigation showed illegal online gambling profits being cleaned through a similar structure.
A betting platform used a loose network of “panel operators” who accepted deposits through UPI, bank transfers, digital wallets and accounts opened with stolen identities.
Part of the money was turned into cash and sent abroad via hawala; it later re-entered India disguised as foreign investment from the United Arab Emirates.
The FATF describes this pattern as “money laundering as a service”—specialists who sell concealment to organised-crime groups.
Networks now routinely tap banks, fintech platforms, virtual IBANs, prepaid cards and crypto wallets as entry and exit points.
Nearly 70 percent of respondents noted the rise of “digital hawala”: encrypted apps such as WhatsApp, Telegram and Signal for coordination; instant payment systems and mobile wallets for customer transfers; and stablecoins or other virtual assets for settling balances among operators.
Some groups are already testing purpose-built hawala apps and AI tools.These methods no longer serve only traditional cash crimes such as drug trafficking.
They now handle proceeds from fraud, cyber-enabled offences, illegal gambling, terrorist financing and other transnational crime.
The report also flags growing involvement of lawyers, accountants, real-estate agents and casino operators who help disguise the flows.
FATF experts from 32 jurisdictions, plus Europol, Interpol and the UN Office on Drugs and Crime, argue that countries must pair enforcement with clearer licensing rules, better detection technology, public-private information sharing and international cooperation.
At the same time, they urge proportionate measures that do not shut legitimate users out of the formal financial system. The overall picture is of an underground industry that has adapted to the digital age and now operates at a scale that demands coordinated global response.
The Repayment Assistance Plan (RAP) launched July 1, 2026 and is now one of only two repayment options for new federal student loan borrowers.
Monthly payments scale with adjusted gross income, from a $10 minimum up to 10% of AGI, minus $50 per dependent.
RAP waives unpaid interest each month and matches up to $50 of principal, so on-time payments always shrink your balance. Forgiveness comes after 360 payments (30 years).
Our RAP calculator estimates your monthly payment under the Repayment Assistance Plan, the income-based plan created by last year’s student loan overhaul. Enter your adjusted gross income and dependents and you’ll have a number in seconds.
RAP replaces the old income-driven repayment plans (IBR, PAYE, and ICR) for anyone who borrowed on or after July 1, 2026. Existing borrowers can enroll now.
The formula uses discretionary income to calculate your payment, while RAP ties your payment directly to adjusted gross income (AGI) using income tiers.
The only other option for new borrowers is the new tiered Standard Repayment Plan. If you want to compare a fixed payment against RAP, run both numbers through our main student loan calculator too.
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RAP payments are based on annual income brackets (based on adjusted gross income or AGI):
AGI ≤ $10,000: Flat payment of $120/year ($10/month)
$10,001–$20,000: 1%
$20,001–$30,000: 2%
$30,001–$40,000: 3%
$40,001–$50,000: 4%
$50,001–$60,000: 5%
$60,001–$70,000: 6%
$70,001–$80,000: 7%
$80,001–$90,000: 8%
$90,001–$100,000: 9%
AGI > $100,000: 10% of AGI
To determine a borrower’s monthly payment, the base payment is divided by 12 and adjusted by subtracting $50 for each dependent claimed on the borrowers’ tax return.
If the calculation ends up less than $10 per month, the borrower would pay a minimum of $10/month.
Married Borrowers: Your AGI will be based on your tax filing status. If you file jointly, it’s your combined AGI. If you both have loans, it’s pro-rated to each of your loan balances.
If you file separately, if you’re MFS AGI. For dependents and MFS, the dependent must be claimed on your tax return. Be aware that the new bill imposes a LOT of other penalties on MFS. Please run this through a tax professional before changing your tax filing status.
Examples:
A borrower with an AGI of $25,000 and two children would pay $10/month.
A borrower with an AGI of $60,000 and no dependents would pay $250/month.
A borrower with an AGI of $120,000 and one child one pay $950/month.
Comparing RAP To Current IDR Plans
Unlike RAP, existing income-driven repayment (IDR) plans such as IBR, PAYE, and ICR rely on a borrower’s discretionary income, which is calculated using federal poverty guidelines. For example, PAYE requires 10% of discretionary income over 150% of the poverty level. This method can produce lower monthly payments for low-income borrowers, but the calculations can be confusing.
RAP simplifies this process with income tiers and automatic interest forgiveness for some borrowers. While it imposes a longer maximum repayment term (30 years), it eliminates the risk of negative amortization by canceling unpaid interest each month.
IBR and PAYE offer forgiveness after 20 or 25 years, depending on the borrower’s loan type and when they entered repayment. RAP standardizes forgiveness at 360 monthly payments, or 30 years, but offers a consistent structure across income levels.
From a monthly payment perspective, using the above examples, a borrower on IBR today would pay (new IBR):
A borrower with an AGI of $25,000 and two children would pay $0/month on IBR.
A borrower with an AGI of $60,000 and no dependents would pay $312/month on IBR.
A borrower with an AGI of $120,00 with one child would pay $745/month on IBR.
As you can see, RAP would benefit the lower income borrowers, but would be more costly for the higher income borrower. That’s why there are winners and losers in this proposal.
See the full RAP vs. Amended IBR breakdown.
How To Enroll In RAP
The best way to enroll in RAP is to apply online at StudentAid.gov. The Department of Education says the application takes about 10 minutes, and you’ll authorize the IRS to share your tax data so your income is pulled automatically. If your income has dropped since your last return, you can submit alternative documentation instead.
Your servicer processes the switch. We’re currently seeing borrowers processed in as quickly as two days, with the average taking 2 to 3 weeks. Some borrowers are still waiting.
If you want to file a paper application, the RAP option is still not available as of September 2026.
What SAVE Borrowers Need To Know
SAVE ended and borrowers still in the SAVE forbearance are being moved out in groups, with each borrower getting a 90-day clock once their servicer notifies them. Roughly 7 million borrowers were still in SAVE as of June, according to Under Secretary of Education Nicholas Kent. If you haven’t picked a plan, here’s the exit-plan timeline.
Time already spent in IBR, ICR, or PAYE counts toward RAP’s 360-payment clock. The reverse isn’t true: if you go to RAP and later switch back to IBR, your RAP months don’t count toward IBR forgiveness. They don’t want people taking advantage of a lower RAP payment, then jumping back for a shorter IBR forgiveness timeline.
Frequently Asked Questions
Does RAP count for Public Service Loan Forgiveness?
Yes. RAP is a qualifying plan for PSLF, so 120 on-time payments while working for a qualifying employer gets you tax-free forgiveness long before the 30-year mark.
Can I use RAP for Parent PLUS loans?
No. Parent PLUS loans, and Direct Consolidation Loans that include a Parent PLUS loan, aren’t eligible for RAP.
My spouse and I both have loans. Do we pay double?
No. If you file jointly, RAP calculates one payment on your combined AGI and prorates it between your loan balances.
Can I switch from RAP back to IBR?
Yes, if you’re an existing borrower who’s still eligible for IBR before July 1, 2028. Your months on RAP won’t count toward IBR forgiveness.
Is the balance forgiven after 30 years taxable?
Under current law, forgiveness after 360 RAP payments may be taxable income in the year it’s discharged. Use our Student Loan Tax Bomb Calculator to estimate the hit.
Do I have to recertify my income every year?
Yes. Like the old IDR plans, RAP payments are recalculated annually from your tax data. Authorizing IRS data sharing when you apply keeps that automatic.
Final Thoughts
RAP is simpler than what it replaced, and the interest waiver plus principal match fix the balance-growth problem that defined the last decade of income-driven repayment. It isn’t the cheapest option for everyone. Higher earners with legacy loans will often do better on IBR while it’s still available, and anyone chasing PSLF just needs the lowest qualifying payment.
Run your numbers above, then check the two comparisons linked earlier. And if you haven’t set up autopay, do it before September 30.
Opinions expressed by Entrepreneur contributors are their own.
Key Takeaways
Missing deadlines or information as a registered agent can cost the business hundreds of dollars, and in some cases, can lead to the dissolution of your business altogether.
Don’t cut corners and try to save money by hiring the wrong person as a registered agent. They do more than help your business stay compliant. They help create the legal and administrative infrastructure your company needs to operate with stability.
As a business owner, it’s natural to look for ways to save money. So, when business owners look at appointing a registered agent, they think they can assign the role to anyone — a spouse, a sibling, a friend or even themselves. On paper, that may seem practical, but what most businesses don’t realize is that it carries unnecessary legal, financial and operational risk.
I see the fallout of bad registered agent assignments up close in my line of work.
In Florida, missing an annual report deadline can trigger a $400 late fee, and repeated failure to maintain accurate company information can cause the government to actually shut down your business. In California, there is a $250 penalty for missing company information, and many other states have similar fines, which can cause huge headaches and, if not dealt with, can lead to dissolution.
This is a big reason why business compliance firms like mine exist. Businesses that have been hurt by compliance violations don’t want to make the same mistake twice, so they choose to assign a formal, accountable party to serve as their registered agent.
What is a registered agent?
A registered agent is an individual or professional service assigned to receive legal documents, tax forms and government information on behalf of the business organization. A registered agent is required for most LLCs, corporations and other formal business entities. Effectively, the registered agent serves as the official point of contact between your business and the authorities, ensuring nothing important is missed. While at times this may seem like a glorified courier service, it’s actually a critical role within your business infrastructure.
For example:
If you receive a deadline-sensitive notice, theregistered agent helps make sure it reaches the right person quickly.
If you miss an annual report deadline, the registered agent receives state reminders or delinquency notices, allowing you to act before late fees, penalties or dissolution occur.
If your business falls out of good standing, theregistered agent receives warnings from the state so you can correct the issue before suspension or your business is forced to close.
If you move offices, theregistered agent provides a stable address so that official notices are not sent to an old business location.
If your business gets sued, theregistered agent receives the lawsuit, summons or subpoena and forwards it quickly so you have time to respond.
Whoever you choose needs strong communication and organizational skills. If a registered agent misses an important notice or forgets to deliver it, the business can face severe compliance issues and even legal consequences.
Myths about registered agents
A registered agent does not need to be a lawyer, accountant or other licensed professional. While some attorneys or accounting firms may offer registered agent services, the registered agent role itself is separate from legal or accounting work and should not be treated as an add-on service. It is a completely separate role. Drawing that distinction can help establish a clear system for handling these important documents.
Another common misconception is that naming someone as your registered agent makes them an officer of the business. It does not. They do not control your company, have the power to sign documents on your behalf or make decisions.
Lastly, some business owners assume that hiring a registered agent means their company is fully covered from a compliance standpoint. In reality, a registered agent does not take over all of your business obligations. You are still responsible for filing annual reports, paying required fees, maintaining tax compliance and keeping your company information up to date with the state. A registered agent can, of course, help support the process by receiving notices and, in some cases, reminding you about important deadlines, but they are a point of contact, not a replacement for proper business compliance management.
Who should be my registered agent?
You should carefully choose a registered agent who can reliably support your business’s compliance, privacy and communication needs. Having someone you know and trust might seem like a good idea, but friends or family members aren’t always available and don’t always treat the role with the respect or professionalism it deserves. They might just see it as a favor.
Likewise, being your own registered agent might seem like a cost-effective way to make your money go further — and who will care more for your business? But there are some drawbacks. Namely, you need to be the one reacting to the documents, and you are hamstrung by your physical office when you should be focused on other aspects of your business.
Why choosing the right registered agent matters
A registered agent does more than help your business stay compliant. They help create the legal and administrative infrastructure your company needs to operate with stability. Every strong business has systems. A registered agent is part of the system that ensures official documents, legal notices, tax correspondence and state communications reach the right person at the right time.
The right registered agent serves as a reliable point of contact for your company. Instead of having important notices received by whoever happens to be home, available or checking the mail, the business that uses a professional registered agent has a formal channel for receiving critical information. That channel helps separate casual communication from official communication.
A professional registered agent also supports better internal accountability. When an official document arrives, there should be a clear process: receive it, record it, notify the business owner and make sure the right person takes action. That process becomes especially important as the business grows and more people become involved in operations, accounting, legal matters or administration.
Choosing a registered agent might seem like a small decision compared with hiring employees, winning customers, managing cash flow or developing a growth strategy, but small infrastructure decisions shape how well a company handles pressure and ensure that your business organization continues to run smoothly.
Key Takeaways
Missing deadlines or information as a registered agent can cost the business hundreds of dollars, and in some cases, can lead to the dissolution of your business altogether.
Don’t cut corners and try to save money by hiring the wrong person as a registered agent. They do more than help your business stay compliant. They help create the legal and administrative infrastructure your company needs to operate with stability.
As a business owner, it’s natural to look for ways to save money. So, when business owners look at appointing a registered agent, they think they can assign the role to anyone — a spouse, a sibling, a friend or even themselves. On paper, that may seem practical, but what most businesses don’t realize is that it carries unnecessary legal, financial and operational risk.
I see the fallout of bad registered agent assignments up close in my line of work.
In Florida, missing an annual report deadline can trigger a $400 late fee, and repeated failure to maintain accurate company information can cause the government to actually shut down your business. In California, there is a $250 penalty for missing company information, and many other states have similar fines, which can cause huge headaches and, if not dealt with, can lead to dissolution.
The Vanguard Information Technology Index Fund ETF(VGT +0.32%) has crushed the S&P 500 this year, with a 27% return. Some investors think they missed out on the rally when a stock or ETF gains momentum, but that may not be the case for this tech ETF. A closer look at the fund’s top holdings indicates that there is more to the strong year-to-date performance than investors may realize.
Image source: Getty Images.
This tech ETF offers significant exposure to the AI trade
The Vanguard Information Technology Index Fund ETF is filled with chipmakers. Nvidia(NVDA +0.84%) is the largest position, making up 17% of the fund’s total assets. Broadcom(AVGO +0.21%), Micron(MU +6.10%), and Advanced Micro Devices(AMD +4.69%) hold the top four to six positions in the fund and account for a combined 11% of total assets.
Vanguard Information Technology ETF
Today’s Change
(0.32%) $0.39
Current Price
$121.27
Key Data Points
AUM
$160B
Dividend Yield
2.06%
Expense Ratio
0.09%
Top Holdings
NVDA
17.16%
AAPL
16.26%
MSFT
10.97%
Hyperscalers need these chips for their artificial intelligence infrastructure, and as long as cloud platforms and other businesses perform well thanks to AI, those investments will continue. Nvidia and Broadcom both gave multi-year guidance that implies AI revenue will continue to compound.
The largest positions in the portfolio look poised to deliver exceptional fundamental growth amid the AI boom. It’s this type of growth that could help the Vanguard Information Technology Index Fund ETF extend its gains.
It’s all tech
The tech sector has historically been one of the best ways to beat the S&P 500 over the long run, and this ETF serves as an excellent example. The tech-focused Vanguard fund has an annualized return of 24.4% over the past decade.
Looking deeper into the fund reveals a major allocation to semiconductors and tech hardware, which together account for more than 60% of total assets, including semiconductor equipment.
It still has some exposure to other tech opportunities, such as e-commerce and online advertising. While these types of investments could beat the S&P 500, artificial intelligence is the hottest opportunity right now.
Grand View Research projects a 30.6% compound annual growth rate (CAGR) for the artificial intelligence industry through 2033. Some companies will grow faster than others as the rising tide of AI lifts many businesses, but chipmakers have been the market leaders. Nvidia, Micron, Broadcom, and Advanced Micro Devices are all posting revenue growth rates far more impressive than the average S&P 500 company, and multi-year deals suggest that it will continue.
The Vanguard Information Technology Index Fund ETF has a long history of beating the market and charges only a 0.09% expense ratio. It doesn’t cost much to get a well-diversified portfolio of tech companies that should benefit from continued AI demand.
Marc Guberti has positions in Broadcom. The Motley Fool has positions in and recommends Advanced Micro Devices, Broadcom, Micron Technology, and Nvidia. The Motley Fool has a disclosure policy.
A surprise jump in U.S. hiring last month has bolstered the case for the Federal Reserve to raise interest rates when they meet later this month, but a hike is still not guaranteed.
Verizon appears to have a new Google AI Pro promotion for eligible customers. I spotted the offer in my Verizon account today, offering 6 months of the Google AI Pro perk for free.
The offer is available to new Google AI Pro enrollments only and is available to eligible new and existing Verizon customers on Simplicity, myPlan, or Verizon Home Internet plans.
After the six free months, Verizon will begin charging $10 per month for the Google AI Pro perk unless it’s canceled. The promotional discount will also end early if the perk is canceled or the Verizon plan is moved to an ineligible plan during the promotional period.
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How to protect savings from inflation starts with understanding what the US government just set in motion for September 9th. Government money printing explained: Washington is buying its own debt with printed dollars to push borrowing costs down, and Trump’s trade filings show exactly how insiders are repositioning.
Treasury yield at 5.27%, a level last seen before the 2008 global financial crisis
Government became buyer of its own debt because outside demand dried up
$4B per operation, double the previous buyback amount
$1.4 trillion spent on interest alone in the past 12 months, on track for $1.7T by 2028
Federal debt near $40 trillion, growing $8B per day
Fed short-term debt purchases now faster than during the full COVID shutdown
Trump quote: military as a tool to push down interest rates, a sign of how desperate the cost-cutting has become
Household net worth in stocks at the highest point ever recorded, above the dot-com peak and 2008
Five S&P 500 companies make up 30% of the index
AI bubble: $700B capex in 2025; the internet was real too, yet the Nasdaq still fell 78%
Trump bought Berkshire Hathaway (BRK), Visa (V), Mastercard (MA), Home Depot (HD), Republic Services, all cash-generating businesses
Trump sold Meta (META), Palantir (PLTR), Netflix (NFLX)
Dollar has lost value every decade since the 1971 gold standard removal
Protect investments from money printing: hard assets, dividend businesses, precious metals
Winston app surfaces insider and politician trades filtered for what moves money
👤 Meet Felix Prehn: I’m your host, Felix Prehn. My journey took me from being a novice investor to an investment banker, a corporate lawyer, and an entrepreneur. Investing was my key to early retirement at 40. My goal? To empower YOU to navigate the financial market with ease and transparency, free from the conventional financial system’s noise. Let’s embark on this journey to financial freedom together!
⚖️This is from my lovely lawyers: The content in this video is for informational and educational purposes only. It does not constitute and should not be construed as financial or investment advice or an offer to purchase or sell securities. The content is not personalized or tailored to a specific person or group of persons, nor to their personal investment or financial needs. You should consult a financial adviser or other investment professional authorized to provide investment advice. Investing comes with risks, including the risk of loss. Presentations of trades made by Felix Prehn or Goat Academy Ltd or its personnel are not a guarantee that any investment decision made by a student will be successful. Past performance is not a guarantee of future performance.
Timestamps:
00:00 Intro
00:23 Wall Street Calls It Liquidity Support
02:00 Why Felix Takes No Sponsors Or Affiliates
03:27 30-Year Treasury Yield Hits 5.27%
04:24 Treasury Doubles Debt Buybacks To $4B
04:47 Government Becomes Buyer Of Own Debt
05:14 Households Never More Exposed To Stocks
05:41 Five Stocks Make Up 30% Of S&P
05:56 US Debt Near $40 Trillion, $8B Daily
06:17 The $700B AI Bubble Explained
07:01 Nasdaq Crashed 78%, Took 15 Years
08:45 $1.4 Trillion Spent On Interest Alone
09:06 The Credit Card Debt Trap
10:07 How The Fed Prints To Buy Bills
12:25 Fed Buying Faster Than During COVID
13:02 Trump Floats Military To Cut Rates
14:04 Trump Files Over 600 New Trades
14:57 Trump Buys Berkshire, Visa (V), Mastercard (MA)
16:04 Trump Sells Meta, Palantir (PLTR), Netflix
18:15 Outro
While research often separates demographic risks (shrinking labor force) from automation’s displacement effects, this study bridges them, arguing that aging accelerates the adoption of productivity-enhancing technology, which in turn offsets demographic drag. Investors should focus on country–sector combinations that combine three key conditions: high demographic demand, significant scope for automation, and infrastructure capable of scaling these technologies. This approach moves beyond simply identifying exposure to AI or aging, looking instead at the synergistic potential between demographic change and technological adoption to drive future growth and stability.
