Technology-Enhanced Methods of Money Laundering PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Technology-Enhanced Methods of Money Laundering PDF full book. Access full book title Technology-Enhanced Methods of Money Laundering by Fausto Martin De Sanctis. Download full books in PDF and EPUB format.
Author: Fausto Martin De Sanctis
Publisher:
ISBN: 9783030183318
Category : Computer crimes
Languages : en
Pages : 174
Get Book
Book Description
This book identifies and examines the novel ways in which money is laundered internationally through illegal activities on the internet, focusing on sales, payments, social media, online gaming, and tax misapplication. Technology-enhanced methods that enable money laundering are now a significant portion of malicious cyber activities and deterring its commission is a high order priority. Although powered by modern tools, investigators, prosecutors, judges and regulatory agencies in most countries are not equipped to accurately detect, investigate and prosecute this type of criminal activity. It makes a case for broader institutional and regulatory improvement, formulating a basis for detecting evolving money laundering schemes with multiple focuses on sales, payments, social media, online gaming, and tax misapplication. Revealing the newest techniques used by criminals, currently neglected by law enforcement in most countries, and discusses the best approaches to combat these crimes, this book will be useful as a guide for law enforcement, prosecutors, judges, and others involved in efforts to curb online crimes.
Author: Fausto Martin De Sanctis
Publisher:
ISBN: 9783030183318
Category : Computer crimes
Languages : en
Pages : 174
Get Book
Book Description
This book identifies and examines the novel ways in which money is laundered internationally through illegal activities on the internet, focusing on sales, payments, social media, online gaming, and tax misapplication. Technology-enhanced methods that enable money laundering are now a significant portion of malicious cyber activities and deterring its commission is a high order priority. Although powered by modern tools, investigators, prosecutors, judges and regulatory agencies in most countries are not equipped to accurately detect, investigate and prosecute this type of criminal activity. It makes a case for broader institutional and regulatory improvement, formulating a basis for detecting evolving money laundering schemes with multiple focuses on sales, payments, social media, online gaming, and tax misapplication. Revealing the newest techniques used by criminals, currently neglected by law enforcement in most countries, and discusses the best approaches to combat these crimes, this book will be useful as a guide for law enforcement, prosecutors, judges, and others involved in efforts to curb online crimes.
Author: Fausto Martin De Sanctis
Publisher: Springer
ISBN: 3030183300
Category : Social Science
Languages : en
Pages : 174
Get Book
Book Description
This book identifies and examines the novel ways in which money is laundered internationally through illegal activities on the internet, focusing on sales, payments, social media, online gaming, and tax misapplication. Technology-enhanced methods that enable money laundering are now a significant portion of malicious cyber activities and deterring its commission is a high order priority. Although powered by modern tools, investigators, prosecutors, judges and regulatory agencies in most countries are not equipped to accurately detect, investigate and prosecute this type of criminal activity. It makes a case for broader institutional and regulatory improvement, formulating a basis for detecting evolving money laundering schemes with multiple focuses on sales, payments, social media, online gaming, and tax misapplication. Revealing the newest techniques used by criminals, currently neglected by law enforcement in most countries, and discusses the best approaches to combat these crimes, this book will be useful as a guide for law enforcement, prosecutors, judges, and others involved in efforts to curb online crimes.
Author:
Publisher: Congress
ISBN:
Category : Business & Economics
Languages : en
Pages : 168
Get Book
Book Description
Author: Dominic N Suszek
Publisher:
ISBN:
Category :
Languages : en
Pages : 222
Get Book
Book Description
Money laundering is one of the main 'engines of crime' sustaining global criminal enterprises and is worth billions of dollars. The increasingly global and virtual nature of financial services and the emergence of technology-enabled products, such as crypto currencies and anonymization tools, have made the task of combating it more difficult.To complicate things, controlling much of this mega-illicit activity are global money laundering syndicates, who offer their services to criminal networks, and are highly adept at exploiting gaps in the financial systems. Another complication to the compliance function is the complex legal requirements set by each country to limit the international flows of illicit funds. These are the challenging conditions within which anti-money laundering (AML) and Counter Terrorism Financing (CTF) measures currently operate.Money laundering takes place in all forms and shapes. There are no social, economic, geographic, or professional boundaries immune from abuse which can facilitate money laundering. Artwork, antiquities, antiques, precious stones, and exotic cars are among a few of the items frequently used. This book will explore elements of money laundering that touch all these areas.To understand money laundering, one must understand the history of money laundering and the evolution of the inclusion of priceless items as a means of laundering illegitimate and elicit funds. This guide is an essential tool to learn, understand, expand, and maintain a proper understanding of money laundering flows and how to prepare the financial industry for evolving risks.I grew up in Miami in the 80's and early 90's, a time when money laundering and drug trafficking through the city reached its peak. In fact, my banking career started at the height of the Cocaine Cowboy era in the mid-80's. At this time financial regulations were still in their infancy and technology to manage the detection and monitoring of white-collar financial crimes by financial institutions did not yet exist. I started off as a part time teller at a large Miami Beach bank while still in high school. This experience provided me with my first exposure to how billions of dollars in cash was making its way into banks across the city. I often refer to Miami as ground zero for money laundering, as well as for my education on the subject. I grew professionally inside Miami banks by securing positions in audit departments where I developed firsthand knowledge of the various facets of banking. In the early 90s I continued to grow professionally, shifting my focus towards the growing realm of financial technology. At the time, cutting edge technology consisted of personal computers which were still in their early stages of development, and there was a sharp learning curve for myself and my colleagues trying to understand how to use shared desktop terminals and PC's for the first time. My experience with technology within the financial sphere expanded in the late 90's and 2000's when I grew to develop a greater understanding of the role of software and how certain programs could be used in combination with advancing technology - that is, newer, faster desktop computers and laptops - to facilitate the implementation of infrastructure within institutions that could be used to both enhance operational efficiency, as well as create processes that could be utilized to ensure that institutions could comply with new and evolving regulatory requirements. The bulk of these regulations would come to be encompassed within the USA PATRIOT Act.
Author: Dionysios S. Demetis
Publisher: Edward Elgar Publishing
ISBN: 1849806659
Category : Law
Languages : en
Pages : 201
Get Book
Book Description
. . . a stimulating look at the hard work done in many specialisms that collectively seek to combat money laundering. Sally Ramage, The Criminal Lawyer While there is much noise about the control of money laundering, there are few whose work is able to rise above the din and in clear notes contribute in a constructive manner to the debate. This work is not only an intelligent discussion of many of the substantive issues relating to the control of money laundering, but a great deal more. Drawing on systems theory and seeing the control of money laundering particularly from the standpoint of technology as complex and integral to the proper and effective operation of financial institutions, the author addresses in a novel and practical way the design and management of risk based compliance. The theory is tested, not only in terms of viable technology, but also in an actual case study involving real issues in a bank. Consequently, those concerned with the formulation of policy, the design of controls and procedures and the implementation of such will find the contribution that this book makes of great significance. Barry Rider, Bryan Cave LLP, UK This book avoids the usual trap of interminably listing AML war stories. Instead Dr. Demetis presents a solid theoretical foundation for AML research and practice. He gives a damning critique of the way so-called technological solutions are used uncritically by some AML professionals, and analyses the risk-based approach, describing its problems and ways of avoiding them. He presents a fascinating in-depth case study of a financial institution, and a short case of a bank using technology to improve its True Positive Rate substantially to 17 per cent. Ian Angell, London School of Economics, UK Dr Demetis makes a great contribution to our understanding of anti-money laundering at both a systems and practical level. [He] writes as someone who not only thinks deeply about these issues but, as the in-depth case examples show, has tried to see how far technology can address some audacious goals. Readers will learn that while risk-based approaches to anti-money laundering have been an interesting regulatory development, practical implementation, despite the hype of technology vendors, is still at a primordial state . Michael Mainelli, Gresham College and Z/YEN Group, UK This insightful book examines the influence of information systems on anti-money laundering (AML). It builds on systems theory in order to develop a coherent theoretical framework that can be used for AML research. By using a case study of a major financial institution in the EU-area, a number of technological influences on AML are deconstructed and are used to examine the role that technology plays within AML. The book provides a systems theoretical description of the effects of technology on AML and offers considerations on the risk-based approach the most important contemporary evolution within regulatory initiatives on AML and terrorism financing. Technology and Anti-Money Laundering will appeal to researchers of financial crime and AML as well as those interested in information systems and systems theory. A number of considerations for practitioners are also discussed, including the risk-based approach and the integration of AML-technology in financial institutions, as well as an important data-mining application. Money Laundering Reporting Officers (MLROs) in financial institutions and central bankers will also find much of interest in this book.
Author: Office of technology assessment washington dc
Publisher:
ISBN:
Category :
Languages : en
Pages : 161
Get Book
Book Description
The key to control of international crime may depend on cutting off the flow of illegal profits to criminal organizations. It is estimated that $300 billion of dirty money may be laundered each year, its origin and ownership obscured as it passes through financial institutions and across national boundaries in an effort to hide and protect it from law enforcement authorities. Criminal organizations, like legitimate businesses, enjoy a swift and nearly risk free conduit for moving money between countries wire transfer systems. Illicit wire transfers are easily hidden among the 700,000 mostly legitimate wire transfers that occur daily in the United States, moving well over $2 trillion. OTA was asked by the Permanent Subcommittee on Investigations of the Senate Committee on Governmental Affairs to assess the proposed use of techniques derived from artificial intelligence research to monitor wire transfer traffic and recognize suspicious transfers. Fully automated computer screening of wire transfers was found to be virtually impossible for technical reasons. However, OTA analysts developed and evaluated a number of alternative configurations of technology that, combined with certain legal and institutional innovations, could greatly enhance the capability of law enforcement agencies to detect and prosecute money launders seeking to exploit U.S. financial institutions and wire transfer systems. Although all of these proposed configurations entail some economic and social costs, including possible diminution of financial privacy, strategies are suggested for minimizing these costs while enhancing the potential usefulness of information technology in control of money laundering.
Author: TJ CLEMONS
Publisher: TJ Clemons
ISBN:
Category : Business & Economics
Languages : en
Pages : 26
Get Book
Book Description
I take a detailed look into the world of money laundering the who what when where and why people launder money and various method of hiding and transferring money into assets. Learn about various aspects of money laundering in our history and cultures and how technology and the internet has changed the face of money laundering.I also provide an introspective look into various methods of money laundering and their adaptations and practical uses in society. This is a basic how t o launder money and the legal consequences of hiding money and assets.This is an informative must read intriguing and exploration into the dark world of money laundering by cartels, drug dealers,mobsters, millionaires & billionaires worldwide.
Author: Daljit Gill-White
Publisher:
ISBN:
Category : Commercial crimes
Languages : en
Pages : 124
Get Book
Book Description
With the progression of technology and lack of regulation comes more ways to conceal monies derived from narcotic trafficking. The formation of cyber banking, Internet banking, Money Service Businesses (MSBs) and pre-paid access cards has provided drug traffickers with new ways to launder their proceeds from ill gotten gains. With the evolution and enhancement of such technology brings complexities in tracking money launders and their illegal proceeds. As the Internet becomes more of a standard way of shopping, banking and communicating; it makes hiding money easier and concealing the identity of these drug dealers difficult to discover. This study was intended to show that there are untraditional methods used to launder drug proceeds. Drug dealers are moving away from using traditional methods to launder money because of reporting requirements enforced by the Bank Secrecy Act for traditional depository institutions. Drug dealers are looking for ways to conceal their illegal proceeds by using methods that evade reporting and create anonymity. The research was important because it exposed that new technology is enabling drug dealers to launder money without being detected. Untraditional methods need better detection and reporting requirements. Regulation is needed to effectively combat money laundering through these untraditional methods. It is not only a domestic issue but a global one and all international forces need to come together and fight money laundering on a global level.
Author: Everest Media,
Publisher: Everest Media LLC
ISBN:
Category : Business & Economics
Languages : en
Pages : 42
Get Book
Book Description
Please note: This is a companion version & not the original book. Sample Book Insights: #1 The term money laundering was coined in the 1920s, when gangsters would wash money to hide its origin. Today, the ideas and economics of money laundering are thousands of years old. #2 Money laundering is the process of integrating the proceeds of crime into the mainstream financial system by hiding their origin. It is a sophisticated international game of intrigue and mystery, but there are some evil people behind it. #3 Money laundering is the process of integrating the proceeds of criminal enterprises into the legitimate mainstream of the financial system. It is a simple and wonderful definition, but why does a bad guy have to launder his money in the first place. #4 The Palermo Convention is a resolution adopted by the United Nations Convention against Transnational Organized Crime that was held in Palermo, Italy, in 2000. It states that any person who knowingly transports money for another person can be charged with money laundering.
Author: Staiano, Fulvia
Publisher: Edward Elgar Publishing
ISBN: 1800888368
Category : Law
Languages : en
Pages : 192
Get Book
Book Description
This timely book provides a critical consideration of one of the most pressing matters confronting global and regional strategies for suppressing transnational organized crime today: the question of the scope and rationale of States’ criminal jurisdiction over these cross-border offences. It shines a light on the complex challenges posed by transnational organized crime to international criminal law.
