The informal economy is often considered an exchange economy. This paper focuses on the question of whether intelligence concerning terrorism is an exchange commodity between different parties. Could this kind of exchange be considered as a form of informal economy? If so, what is the exchange value and the utility value for the parties involved? These arguments are explored through reference to a case study of a Moroccan “terrorist network” and the official reaction to it by Moroccan and Belgian police, justice and intelligence services. This case focuses on the relations between the members of the network itself, but also between different public agencies involved in counter terrorism. We start from the observation that the vagueness between legality and criminality is to a large extent supported by the fact that national regulators use other standards concerning which activities they can and want to consider as legal and/or criminal. Also within official regulatory measures, a grey zone can be observed between the governmental capacity to regulate certain activities, and the willingness (or refusal) to intervene. As such, the paper is concerned with the political economy of regulation, the grey zone between technical competence and political desirability