Money laundering, new technologies, FATF and Spanish penal reform

Miguel Abel Souto

Journal of Money Laundering Control, 2013, vol. 16, issue 3, 266-284

Abstract: Purpose - This paper attempts to examine new technologies, typologies, FATF recommendations and the last Spanish penal reform on money laundering. Design/methodology/approach - The paper describes the potential provided via internet and electronic transfers, prepaid cards and payment services with mobile phones for executing money laundering, and comments on the Spanish penal reform on this crime. Findings - The study finds that the new payment systems facilitate money launderers’ criminal activity. However, the development of technologies, including the internet, has unquestionable advantages involved, and even provides verification of identity or other duty of surveillance for the prevention of money laundering. Also, this paper analyzes the amendments made recently in the Spanish Criminal Code regarding money laundering. Originality/value - This paper would be beneficial to the legislature. Future development of measures for the prevention of money laundering should take into account all potential threats that arise from the use of new technologies. Moreover, the long list of modifications on laundering undermines the legal certainty and the consideration of criminal law asultima ratio, within the framework of a globalized crime policy.

Keywords: Money laundering; New technologies; FATF; Spanish penal reform; Spain (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-01-2013-0002

DOI: 10.1108/JMLC-01-2013-0002

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