The Nexus of Cybercrime and Money Laundering: A Conceptual Paper

Mohd Afiq bin Azero, Sarah Nur Aisyah Kay Abdullah, Zailawati Zakaria, Hasfaliza Haris and Yusri Hazrol Yusoff

Accounting and Finance Research, 2024, vol. 13, issue 2, 167

Abstract: The nexus between cybercrime and money laundering poses significant challenges that require a holistic understanding and strengthened global efforts to address. Cybercrimes provide financial motivation for criminals to engage in illicit activities. Techniques like cryptocurrency laundering and exploiting online payment systems allow criminals to disguise illegal proceeds. Investigating these modern financial crimes faces hurdles from rapid technological advancements, encryption, international jurisdiction issues, and lack of standardized information sharing between agencies and sectors. Gaps exist in current anti- money laundering legal frameworks in properly criminalizing emerging cyber threats and prosecuting related offenses effectively, as seen in the Malaysian context. Reforms are needed to enhance enforcement mechanisms, risk assessment practices, and the role of regulatory authorities like the Financial Intelligence Unit. A comprehensive approach combining updated laws, improved inter-agency coordination, public-private collaboration, and adaptive strategies is crucial to counter the evolving nexus between cybercrime and money laundering in today's digital landscape.

Date: 2024
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