Fighting/managing money laundering in a digital economy with the use of information technology

Abstract

Money Laundering (ML) is a complex phenomenon that is an act aimed at concealing the illicit source of funds. The aim of this paper is to investigate the practice of online money laundering as well as to illustrate how certain emerging digital technologies can significantly aid in the fight against money laundering. Throughout this research, a detailed explanation of money laundering is given, including the three-step process and the different methods which are utilized by money launderers, specifically money laundering which is carried out online. Subsequently, the means by which numerous digital technologies are used for anti-money laundering purposes are examined. Ultimately, this research gives an explanation of money laundering and how existing and emerging technologies are being used to combat it.