Cyberlaundering: Anonymous Digital Cash and Money Laundering :: essays research papers

Cyber launder Anonymous Digital Cash and Money Laundering procure 1996 R. Mark BortnerThe actor hereby grants the right to copy this article in its entirety or some(prenominal) portion thereof by any means possible and to distribute such copies freely and without charge. The author unaccompanied when requests that when a portion of this article or its entirety is included at heart another work, that such copied material be clearly and correctly cited to.Presented as final paper requirement for Law & the Internet (LAW 745).A seminar at the University of Miami School of Law.IntroductionThis article will explore the modish technique in coin laundering Cyberlaundering by means of unidentified digital funds. Part I is a brief race done laundering history. Part II discusses how anonymous Ecash may facilitate capital laundering on the Intenet. Part III examines the relationship between underway money laundering law and cyberlaundering. Part IV addresses the underlying form _or_ system of government debate surrounding anonymous digital currency. Essentially, the balance between private financial privacy rights and legitimate law enforcement interests. In conclusion, Part V raises a few unanswered societal questions and attempts to predict the future.DisclaimerAlthough the author discusses this subject in a casual, rather than rigidly formal tone, money laundering is a serious issue which should not be taken lightly. As this article will show, fear of money laundering only serves to increase entrusting regulations which, in turn, affect everyones ability to conduct convenient, efficient and relatively private financial transactions.Part I Humble BeginningsIn the beginning, laundering money was a physical effort. The art of concealing the existence, the illegal source, or illegal application of income, and then disguising that income to make it appear legitimate 1 required that the launderer have the means to physically transport the hard cash.2 The head game was, and still is, to avoid attracting unwanted attention, thus alerting the Internal taxation Service (IRS) and other government agencies 3 involved in inquisitory out ill-gotten gains.4In what could be described as the "lo-tech" conception of money laundering, the process of cleaning "dirty money" was limited by the creative ability to manipulate the physical world. Other than flying cash out of one country and limiting it in a foreign bank with less stringent banking laws,5 bribing a bank teller, or discretely purchasing corporeal or personal property, the classic approach was for a "smurf"6 to deposit cash at a bank. Essentially, platoons of couriers assaulted the lobbies of banks throughout the United States with deposits under the $10,000 describe limit as required under the Bank Secrecy Act.