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The Nexus of Cybercrime and Money Laundering: A Conceptual Paper

Author

Listed:
  • Mohd Afiq bin Azero
  • Sarah Nur Aisyah Kay Abdullah
  • Zailawati Zakaria
  • Hasfaliza Haris
  • Yusri Hazrol Yusoff

Abstract

The nexus between cybercrime and money laundering poses significant challenges that require a holistic understanding and strengthened global efforts to address. Cybercrimes provide financial motivation for criminals to engage in illicit activities. Techniques like cryptocurrency laundering and exploiting online payment systems allow criminals to disguise illegal proceeds. Investigating these modern financial crimes faces hurdles from rapid technological advancements, encryption, international jurisdiction issues, and lack of standardized information sharing between agencies and sectors. Gaps exist in current anti- money laundering legal frameworks in properly criminalizing emerging cyber threats and prosecuting related offenses effectively, as seen in the Malaysian context. Reforms are needed to enhance enforcement mechanisms, risk assessment practices, and the role of regulatory authorities like the Financial Intelligence Unit. A comprehensive approach combining updated laws, improved inter-agency coordination, public-private collaboration, and adaptive strategies is crucial to counter the evolving nexus between cybercrime and money laundering in today's digital landscape.

Suggested Citation

  • Mohd Afiq bin Azero & Sarah Nur Aisyah Kay Abdullah & Zailawati Zakaria & Hasfaliza Haris & Yusri Hazrol Yusoff, 2024. "The Nexus of Cybercrime and Money Laundering: A Conceptual Paper," Accounting and Finance Research, Sciedu Press, vol. 13(2), pages 167-167, May.
    • Handle: RePEc:jfr:afr111:v:13:y:2024:i:2:p:167
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    References listed on IDEAS

    as
    1. Milind Tiwari & Jamie Ferrill & Vishal Mehrotra, 2022. "Using graph database platforms to fight money laundering: advocating large scale adoption," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 26(3), pages 474-487, April.
    2. Eugene E. Mniwasa, 2021. "Institutionalizing the fight against money laundering in Tanzania: the potential, limitations and challenges," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 25(4), pages 792-832, September.
    3. Todd Hataley, 2020. "Trade-based money laundering: organized crime, learning and international trade," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 23(3), pages 651-661, March.
    4. Husameddin Alshaer & Muhamad Helmi Md. Said & Ramalinggam Rajamanickam, 2021. "The role of the Palestine monetary authority in combating money laundering," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 24(4), pages 762-774, June.
    5. Howard Chitimira & Sharon Munedzi, 2023. "Historical aspects of customer due diligence and related anti-money laundering measures in South Africa," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 26(7), pages 138-154, April.
    6. Avitus Agbor Agbor, 2022. "A delineation of the impact of illicit financial flows on the right to development: details from Cameroon’s special criminal court," Journal of Financial Crime, Emerald Group Publishing Limited, vol. 30(4), pages 877-890, April.
    7. Fahmi Bin Adilah & Mohd Zamre Mohd Zahir & Hasani Mohd. Ali & Muhamad Sayuti Hassan, 2022. "A study of Malaysian anti-money laundering law and the impact on public and private sector," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 26(4), pages 831-844, April.
    8. Ejike Ekwueme, 2021. "The dichotomisation fallacy of public and private corruption and the quantification dilemma," Journal of Financial Crime, Emerald Group Publishing Limited, vol. 28(4), pages 1179-1192, May.
    9. Rafael Pontes & Nick Lewis & Paul McFarlane & Patrick Craig, 2021. "Anti-money laundering in the United Kingdom: new directions for a more effective regime," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 25(2), pages 401-413, August.
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    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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