“Cyber-laundering”: the change of money laundering in the digital age

Christoph Wronka

Journal of Money Laundering Control, 2021, vol. 25, issue 2, 330-344

Abstract: Purpose - This study aims to illustrate and determine how illegally obtained funds are laundered through online platforms and companies in different economic sectors in the digital age. Design/methodology/approach - A qualitative analysis approach using purpose sampling methods, including 21 semi-structured interviews with prevention experts, compliance officers and convicted cybercriminals, resulted in the determination of concrete money-laundering methods involving the employment of online platforms provided by companies and institutions in different economic sectors. Findings - The current study focuses on various companies in different economic segments that mitigate cyber laundering and the anti-money laundering measures that can be adopted. Therefore, this paper provides a detailed discussion and analysis on how money launderers avoid being detected. Both preventive and criminal perspectives are taken into consideration. Originality/value - By identifying the gaps in the current anti-money-laundering mechanisms, it will provide compliance officers, legislators and law enforcement agencies with an in-depth insight into how cyber laundering operates in various economic sectors.

Keywords: Digital age; Cybercrime; Money-laundering; Financial crime prevention measures (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-04-2021-0035

DOI: 10.1108/JMLC-04-2021-0035

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