Key challenges in tackling economic and cyber crimes: Creating a multilateral platform for international co‐operation

Abstract

Purpose

The purpose of this paper is to identify the key challenges in tackling modern economic and cyber crimes, evaluate the existing legal and enforcement mechanisms in place, and propose a way forward to address these challenges.

Design/methodology/approach

The paper analyses the main difficulties posed by the borderless, complex and rapidly evolving nature of modern economic and cyber crimes. This allows the key shortcomings of the present legal and enforcement infrastructure to be identified. By examining different models, ranging from vertical supranational structures such as the International Criminal Court and the proposed European Public Prosecutor, to soft‐law regimes such as the intergovernmental network the Financial Action Task Force, as well as intermediate approaches like Eurojust, a hybrid model incorporating elements from these various regimes is proposed.

Findings

A transnational approach must be adopted to address the phenomenon of modern economic and cyber crimes which are cross‐border, complex, profit‐driven and rapidly evolving. A suitable multilateral platform needs to be created to facilitate international co‐operation in a more coordinated and sustained fashion, and for the development of a set of common standards and principles to be enforced through a process of mutual assessments and periodic peer review.

Originality/value

The paper advocates the establishment of a hybrid multilateral regime which incorporates both elements of a “vertical” supranational structure as well as a “horizontal” state‐centric framework. This will inject the institutional focus to facilitate international co‐operation and also provide the platform for the promulgation of common standards and principles in fighting cross‐border economic and cyber crimes. The paper will be of interest to law enforcement agencies, prosecutorial authorities and national policy makers.

Citation

Menon, S. and Guan Siew, T. (2012), "Key challenges in tackling economic and cyber crimes: Creating a multilateral platform for international co‐operation", Journal of Money Laundering Control, Vol. 15 No. 3, pp. 243-256. https://doi.org/10.1108/13685201211238016