When Technology Meets Money Laundering, What Should Law Do? New Products And Payment Systems And Cross Border Courier

Lisanawati, Go and Eniola Kehinde, Joseph (2017) When Technology Meets Money Laundering, What Should Law Do? New Products And Payment Systems And Cross Border Courier. In: International Conference on INTERNET Studies (NETs2017), 14-16 July 2017, Bali, Indonesia.

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Money Laundering has become very sophisticated by technology assistance. Perpetrator is tending to use the help of technology to create easiness of doing crime. This condition is supported also by the activity of cash courier across border which has been choosing as means to do money laundering. Some Conventions and/or multilateral agreement between countries have appointed the vulnerability of exploration of money laundering through cash courier. From research, it can be understood, the Convention just gives the guideline how to detect, but as long as it happens, there is no specific measurement how to recognize it directly. Since money laundering is proceed of crime. It needs an inspection and evaluation from the Authority and decides that the crime is money laundering. It is not a crime against Customs Law. Other condition that increases possibility to support money laundering is the development of new products and payment systems. So many innovation conducted by technology creates new payments methods and products, such as bitcoin, litecoin, linden dollars, other crypto currency and other bearer negotiable instruments, could help offender to do money laundering. In the research, it was discovered that the crime is developing further rather than the law. Technology seems like taking place in the heart of the money launderer and robs the position of the law, even though Technology is never created for something bad. The research is a qualitative research that will analyze how the law can work together with technology to fight against money laundering. The hypothesis of this research is that law is having a good position as guidance of the development of technology, and technology is having good role to trigger the readiness of law to develop. Thus money laundering will not be easy to “develop” when technology meet law. The government of every country in the world need to synergies information on new technological discovery this is very important as it will help each country to formulate laws bordering on trans-border crime especially on money laundering. Money laundering comes in different formats and styles with the introduction of different payment system across the world. One of such latest development is the introduction of crypto-currency i.e. bitcoin a fiat currency that is mainly a block chain technology driven.

Item Type: Conference or Workshop Item (Paper)
Uncontrolled Keywords: money laundering; New products and payment systems Blockchain Technology; Crypto-currency
Subjects: K Law > K Law (General)
K Law > KZ Law of Nations
Divisions: Faculty of Law > Department of Law
Depositing User: Go Lisanawati 2155
Date Deposited: 05 Mar 2018 03:21
Last Modified: 10 Feb 2022 07:49
URI: http://repository.ubaya.ac.id/id/eprint/31774

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