The most common and most likely answer to this crossword clue is the 10 letter word PROTECTION
I've seen this crossword clue in The Daily Telegraph
P
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O
T
E
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Buddy explains!
The straight part
We know that "extorting money" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case extorting money = protection.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does PROTECTION mean?
PROTECTION noun- The process of keeping (something or someone) safe.
- The state of being safe.
- A means of keeping or remaining safe.
- A means, such as a condom, of preventing pregnancy or sexually transmitted disease.
- Coverage.
- Immunity from harm, obtained by illegal payments, as bribery or extortion.
- A document serving as a guarantee against harm or interference; a passport.
- Restrictions on foreign competitors which limit their ability to compete with domestic producers of goods or services.
- An instance of a security token associated with a resource (such as a file).