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Electronic Money Laundering In International Transactions –Focusing on the U.S. Perspective-

  • Legal Theory & Practice Review
  • Abbr : LTPR
  • 2014, 2(1), pp.179-207
  • Publisher : The Korea Society for Legal Theory and Practice Inc.
  • Research Area : Social Science > Law

Kim Sung Jin 1

1중원대학교

ABSTRACT

The use of any payment system is associated with risks which can be physical or electronic. It is difficult to evaluate the magnitude of risks involved in using electronic money products owing to the scale and speed of the electronic transactions and the lack of a large-scale, global electronic payment system. The risks to be taken into account by consumers, financial institutions and governments include money laundering, disclosure of personal information, and fraud and counterfeiting. It is through money laundering that someone makes illegally acquired money appear as though it was lawfully earned. Individuals want and need to conceal the sources of their unlawfully acquired money to allow them to use it without restraint and the danger of loss or prosecution. Today’s emerging electronic payment system with innovative technology helps to create a world where money can be transferred without the aid, supervision, control, regulation, and limitations of third party national borders. Electronic money laundering could become a major crime if the government does not carefully monitor the situation. To minimize electronic money laundering, firstly, the U.S. need to amend anti money laundering laws to cover electronic money systems. However, amending laws alone is not enough to control and exercise jurisdiction over electronic money launderers through innovative electronic money systems. Under IMLA Act, the United States can exercise jurisdiction over foreigners who commit money laundering in United States or use U.S. financial institutions as long as international laws allow the United States to do so. However, the IMLA Act failed to address the U.S. jurisdiction over individuals who commit money laundering through the Internet and other electronic payment systems. Therefore, International cooperation in fighting money laundering is essential. The most effective method to fight against money launderers is continuous international cooperation through the United Nations, Treaties and other international organizations.

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