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

Go Lisanawati, Joseph Eniola Kehinde

Abstract


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 the border which has been choosing as means to do money laundering. Some Conventions and / or multilateral agreements 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 conditions that increase 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 cryptocurrency 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 a good role to trigger the readiness of law to develop. Thus money laundering will not be easy to "develop" when technology meets law.

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Keywords


Money laundering; New products and payment systems Blockchain Technology; Crypto-currency;

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References


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