“Cyber-laundering”: the change of money laundering in the digital age

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.

Citation

Wronka, C. (2022), "“Cyber-laundering”: the change of money laundering in the digital age", Journal of Money Laundering Control, Vol. 25 No. 2, pp. 330-344. https://doi.org/10.1108/JMLC-04-2021-0035