An unlicensed receiver (5)

I believe the answer is:

fence

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'receiver' is the definition.
(I know that receiver can be written as fence)

I cannot understand how the rest of the clue works.

Can you help me to learn more?

(Other definitions for fence that I've seen before include "Obstacle to clear, in steeple-chasing" , "Receiver of stolen goods" , "With blade, fight" , "Enclosing barrier" , "crook" .)

I've seen this clue in The Irish Independent and The Globe and Mail.

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