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FIGHTING FINANCIAL CRIME IN THE DIGITAL AGE With special regard to cyber-enabled money laundering

Wronka, C (2024) FIGHTING FINANCIAL CRIME IN THE DIGITAL AGE With special regard to cyber-enabled money laundering. Doctoral thesis, Liverpool John Moores University.

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In order to effectively combat money laundering and terrorist financing carried out by means of cryptocurrencies and cryptoassets, certain conditions must be met. First, there must be a sufficient and appropriate regulatory framework within which the necessary counter measures can be taken. Several examples show that this legal framework is not only formed by national and supranational state bodies, but also by rules created in the private sector through self-regulation. Both regulatory systems are equally limited in their mechanisms of action by data protection law. Money laundering manipulations predominantly, if not as a rule, involve data of the persons concerned, and counter-measures will consequently also have to take these data into account. The question of how to resolve this conflict between the interest of the business sector and society in combating a specific form of financial crime and the interest in protecting individual privacy is, as illustrated by a few examples, being addressed not only by state and private regulators but also by the courts. On the other hand, it should be noted that legally relevant rules must and can be applied regardless of their character. Despite the existing relatively extensive legal framework, users sometimes have problems from a practical point of view in fulfilling the obligations imposed on them. This concerns financial service providers who need concrete assistance, especially in the context of risk management. It is therefore recommended that this should be offered to them on various points by their trade associations through self-regulation. Especially in the case of non-transparent cyber-enabled criminal processes, the appropriate organisational structures and technical possibilities must be available to identify them as violations of the law. Only when the criminal structures, i.e. the technical ossibilities for abuse and the currently practiced manipulations, are known, can crimes be countered preventively and with repressive means. This concerns not only the financial institutions, but also the administrative or law enforcement authorities and the courts, where often a lack of expertise can be identified. This aspect is not only dealt with in part of this paper, but also in detail in the larger part of the publications compiled in the last section.

Item Type: Thesis (Doctoral)
Uncontrolled Keywords: Financial Crime; Money Laundering; Cybercrime; Blockchain; Digital Assets; Regulation
Subjects: H Social Sciences > HG Finance
H Social Sciences > HV Social pathology. Social and public welfare. Criminology
Divisions: Law
SWORD Depositor: A Symplectic
Date Deposited: 02 May 2024 10:49
Last Modified: 02 May 2024 10:51
DOI or ID number: 10.24377/LJMU.t.00023147
Supervisors: Guinchard, E and Okanigbuan, F
URI: https://researchonline.ljmu.ac.uk/id/eprint/23147
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