Money laundering is increasingly becoming a cybercrime. Gone are the days when the bad guys would pop down to the casino and hope to convert their loot into a clean win on the roulette table. And less popular is the old scam of taking out an insurance policy and then redeeming it at a discount.
Instead, modern criminals are focusing on the internet. And the opportunities for turning dirty money into a spotless shade of green are plentiful.
So today, Jean-Loup Richet, a research associate at the ESSEC Business School just outside Paris, surveys the new techniques that criminals are using in a report written for the United Nations Office on Drugs and Crime. And he reveals just how creative and opportunistic money launderers have become.
Researching these kinds of operations is inherently difficult. As Richet puts it: “Bad guys and their banks don’t share information on criminal pursuits. “
Instead, he has had to cast his net a little wider. Richet’s main sources of information are online hacker forums where anonymous criminals exchange tips on the best ways to launder money and are surprisingly frank about their methods.
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