New trends in money laundering ‐ from the real world to cyberspace

Abstract

Describes the traditional money laundering methods of physical currency smuggling and the more common use of financial and other institutions. Shows how the pressure on vulnerable institutions to ensure control of conventional money laundering has induced criminals to expoit the potential of electronic money. Lists the advantages of electronic money for laundering: it has no bulk, is easily transferred, and is anonymous. Discusses how internet banking and internet casinos allow criminals to launder electronic money. Indicates the need for effective counter measures to these illegal practices, the work of the Financial Action Task Force on Money Laundering, and the difficulty of controlling the popular pastime of internet gambling in the USA.

Citation

Ping, H. (2004), "New trends in money laundering ‐ from the real world to cyberspace", Journal of Money Laundering Control, Vol. 8 No. 1, pp. 48-55. https://doi.org/10.1108/13685200510621253