"Cyber-laundering": the change of money laundering in the digital age. Issue 2 (25th June 2021)

• Record Type: Journal Article
• Authors: Wronka, Christoph
• Is Part Of: Journal of money laundering control. Volume 25:Issue 2(2022)
• Page Start: 330
• Page End: 344
• Publication Date: 2021-06-25
• Subjects: Digital age -- Cybercrime -- Money-laundering -- Financial crime prevention measures; Money laundering -- Periodicals; Money laundering investigation -- Periodicals; 364.168
• DOI: 10.1108/JMLC-04-2021-0035
• Languages: English
• ISSNs: 1368-5201

Abstract

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.