Mechanisms of money laundering obtained from cybercrime: the legal aspect

Abstract

Purpose The use of computer technology to commit cyber laundering increases their social danger, creates new ways to commit cyber laundering, causes the masking of traces of cyber laundering and expands the geography of cyber laundering, while eliminating traditional state borders. That is why, the researched problems have a high level of relevance. The purpose of this research is to promote the spread of international standards in the field of combating money laundering, as well as an analysis of the mechanisms of money laundering obtained from cybercrime. Design/methodology/approach The leading methods that were used in the article for the purpose of conducting research were a number of general scientific methods, such as analysis and synthesis, deduction, induction, forecasting, modeling, analogy and a number of special methods of study and cognition, which include comparative legal, historical legal, formal legal and structural functional methods. Findings The main results prospects for further research and the applied value of the material. Large-scale cyber laundering of illegal income has long become a global problem that requires a solution from all states of the world, which means that these problems can only be overcome through active interstate cooperation. Originality/value The article analyzes inter alia the international legislation in the field of money laundering mechanisms obtained from cybercrime and examines the activities of international organizations in this area.

Mapping the global geography of cybercrime with the World Cybercrime Index

“…Along with contributing to theoretical debates on the (local) nature of organized crime [ 1 , 14 ], this index can also contribute to policy discussions. For instance, there is an ongoing debate as to the best approaches to take in cybercrime reduction, whether this involves improving cyber-law enforcement capacity [ 3 , 51 ], increasing legitimate job opportunities and access to youth programs for potential offenders [ 52 , 53 ], strengthening international agreements and law harmonization [ 54 – 56 ], developing more sophisticated and culturally-specific social engineering countermeasures [ 57 ], or reducing corruption [ 3 , 58 ]. As demonstrated by the geographical, economic, and political diversity of the top 15 countries (see Table 1 ), the likelihood that a single strategy will work in all cases is low.…”

Legal aspects of international cooperation in combating organised crime

“…Furthermore, the existing methods of laundering the proceeds of cybercrime were analysed. Only through active international cooperation can these problems be solved (Nizovtsev et al, 2022).…”

The Nexus of Cybercrime and Money Laundering: A Conceptual Paper

“…The widespread use of encryption technologies, coupled with the cloak of anonymity provided by the dark web, poses a formidable obstacle in the investigation of cyber-related money laundering cases (Nuryanto, 2019). While encryption is essential for securing legitimate communications, it becomes a double-edged sword when exploited by cybercriminals seeking to conceal their illicit activities (Nizovtsev et al, 2021).…”

“…The intersection between cybercrime and money laundering is a pressing issue in the digital age. Cyber laundering, which involves the laundering of money through online transactions in cyberspace, has emerged as a significant concern (Nizovtsev et al, 2021). Cybercrimes, which encompass offenses where computers or communication tools are involved as targets, commission instruments, or incidental elements, are closely linked to the prevalence of computer technology (Al-Khater et al, 2020).…”