The new frontier of money laundering: how terrorist organizations use cyberlaundering to fund their activities, and how governments are trying to stop them
Abstract:This note examines the relatively new crime of cyberlaundering, and explains how terrorist organizations are using the Internet and cyberlaundering to fund their activities. In addition, this paper examines the current money laundering laws of the United States, as well as the attempts taken by the United Nations, the G7, the Organization of American States, and the Council of Europe to stem the laundering of money. The basic process of money laundering is described in detail, and it is explained how terrorist organizations in particular may use the Internet to launder their funds. The paper points out loopholes with respect to cyberlaundering in the money laundering laws of the United States and the multinational organizations mentioned above, and methods are proposed to close those gaps. Although implementation of the proposed methods would be expensive and time consuming, such measures would help stem the use of the Internet by terrorists in funding their activities.
Document Type: Research Article
Affiliations: Levin College of Law (J.D. degree - May 2011), University of Florida, USA
Publication date: 2011-06-01