CYBERCRIME AND MONEY LAUNDERING IN 21ST CENTURY

Abstract

This paper focuses on cybercrime and money laundering. Proceeds of these activities may be used to fund further criminal activities and to undermine the integrity of financial systems worldwide. Money laundering is the biggest method followed by the cyber criminals to hide their black money which they get themselves courtesy to financial frauds they involve into. Money laundering is the process of making large amounts of money generated by a criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source. The money from the criminal activity is considered dirty, and the process "launders" it to make it look clean.Unlike the "traditional" money laundering methods, which rely on the banking system, cyber-laundering depends on the use of various types of transactions and financial services providers, ranging from wire transfers, cash deposits/withdrawals and e-money transactions to "money mules" and remittance services.