New technologies and money laundering

In today’s fast-paced world, new technologies have become an integral part of everyday life. These advances not only provide immense opportunities for innovation and efficiency, but also open doors for various criminal activities, particularly in the world of money laundering.

Money laundering, defined as the process by which the true origin of illegally acquired funds is concealed, is a global problem that affects both the economy and society. With the advent of new technologies, the methods used by money launderers have evolved.

Cryptocurrencies

One of the main tools used by modern money launderers are cryptocurrencies. For example, in 2020, an international money laundering gang was uncovered converting illegal proceeds from drug deals into Bitcoin. By using cryptocurrencies, they were able to turn over millions of dollars without being detected by the authorities.

Online marketplaces

Another technological phenomenon that facilitates money laundering is the emergence of online marketplaces and digital platforms. In one well-known case, a criminal organization used an online art marketplace to launder money. They set up fictitious sales of works of art and thus transferred large sums of illegally acquired money.

Fictitious companies and offshore accounts

The use of complex financial instruments and the establishment of front companies in different jurisdictions, often with little financial transparency, are other methods facilitated by modern technology. A case in point is the revelation of the Panama Papers, which showed how global companies and individuals used offshore accounts to launder money and avoid taxes.

Overall, it is clear that the integration of new technologies into the financial system brings with it both opportunities and risks. While on the one hand they promote efficiency and innovation, on the other hand they open up new avenues for criminal activities such as money laundering. Effectively combating these challenges requires a global, coordinated approach that incorporates both legal and technological expertise.