Exploring Money Laundering Vulnerabilities Through Emerging Cyberspace Technologies

A Caribbean-based Exercise

by B. David Mussington, Peter A. Wilson, Roger C. Molander

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How should nations and financial institutions begin to address the thorny problems posed by the vulnerability of cyberpayments, Internet banking, and Internet gambling to abuse by money launderers and other perpetrators of financial crime? Which questions need to be asked so that law enforcement agencies from different nations can begin to cooperate without stifling the positive aspects of the frontierless world of Internet finance? This report outlines the first steps in an emerging international dialogue on the promise and potential problems of cyberspace as an economic environment. It summarizes research performed by RAND for the Financial Crimes Enforcement Network of the U.S. Department of the Treasury. This research was done in concert with the ongoing efforts of the Caribbean Financial Action Task Force and the Commonwealth Secretariat as part of an international undertaking to examine financial crime concerns, particularly as they relate to the Caribbean.

Table of Contents

  • Chapter 1

    Introduction: Exercise History and Methodology

  • Chapter 2

    The Current and Future Internet

  • Chapter 3

    Cyberpayment Systems

  • Chapter 4

    Internet Banking

  • Chapter 5

    Internet Gambling

  • Chapter 6

    Emerging Dimensions of the Criminal Exploitation of Electronic Commerce: Problems and Potential Solutions

  • Chapter 7

    Regulatory, Law Enforcement, and Legal Issues

  • Chapter 8

    Exercise Findings

  • Chapter 9

    Conclusions

  • Appendix A

    Exercise Materials

  • Appendix B

    Caribbean Financial Action Task Force and Commonwealth Secretariat Workshop on Money Laundering Through Emerging Cyberspace Technologies: Conclusions and Recommendations, Trinidad, May 4-7, 1998

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