Protection Racket

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Protection Racket

The practice in which businesses and/or individuals in an area periodically pay money to an organized crime syndicate in return for freedom from harassment. In other words, when the money is paid, the syndicate will protect businesses from acts of violence from other groups (or from the syndicate itself).
References in periodicals archive ?
Many contractors have told US military officials that warlords were demanding protection payments in exchange for safe passage and that these payments were funding the insurgency, the report said.
The extremist group extorts money from poppy farmers and heroin traffickers involved in Afghanistan's booming drug trade and demands protection payments from Afghan businesses.
The Taliban also demanded protection payments from legitimate Afghan businesses, he said, during a speech at a conference on money laundering enforcement.
Workers had been forced to apply for state benefits after seeing their wage packets dwindle to nothing and could not receive mortgage protection payments because they remain employed.
An undercover officer arranged protection payments.
Department of Justice (DOJ) regarding the previously disclosed investigation of protection payments made by the company's former banana-producing subsidiary in Colombia.
The Associated Press reports that the banana company Chiquita Brands International has reached a settlement with the Justice Department over protection payments that it made to terrorist groups in Colombia, according to court documents filed last week.
MITT ROMNEY: The Massachusetts governor folds like a cheap suitcase after his New Hampshire counterpart threatens a lawsuit over unpaid flood protection payments from the Bay State.
Mr Clarke said: 'Because of the way he lost his job, his mortgage protection payments may not be covered.
Everyone in the trade knows you still have to build in protection payments to the cost of any contract.
And 85 per cent of those who do not have life assurance wrongly believe that their mortgage protection payments or critical illness cover would help the family by paying off the mortgage if they died.
The default was the result of protection payments due to the credit default swap counterparty from three credit events that occurred in July 2010.
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