Cryptocurrencies and Money Laundering Opportunities

• In Event: Emerging Issues in Cybercrime

Abstract

Cryptocurrencies are private, internet based decentralized network operations shielding users’ identity with no oversight/regulations. No doubt this provides opportunity for transnational criminal enterprises that are eyeing for efficient and easy ways to avoid detection and arrest, in particular hiding the proceeds of crime via money laundering. The present paper examines the evolving nature of cryptocurrencies and the opportunities they provide criminal exploitation. We identified a sample of 100 reported court cases prosecuted/arrested internationally for the purpose of this study. Using content analysis we analyze the role of the cryptocurrencies in facilitating money laundering and other transnational crimes including drug trafficking and terrorism which will have implications for theory building and future research. Findings will be discussed.

Authors

• Sarah Durrant, John Jay College of Criminal Justice

• Mangai Natarajan, John Jay College of Criminal Justice