When Bankers Need to be More Creative than Hackers: Cybercrime and Money Laundering
Anton Moiseienko and Olivier Kraft
16 July 201813 Minute Read
The rise of cyber-dependent crime highlights the challenges facing the anti-money laundering framework in a digital era. This should be viewed as a wake-up call as well as an opportunity to update and improve the antiquated regime.
In March 2018, the Spanish National Police arrested a man in Alicante suspected of masterminding a series of successful cyber attacks to steal over €1 billion from financial institutions worldwide. The arrest capped a Europol-supported investigation that spanned Asia, the US and Eastern Europe. According to a recent Bloomberg report, the criminal conspiracy unravelled once Taiwanese police managed to apprehend two ‘money mules’, whose task it was to transport cash withdraw
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WRITTEN BY
Anton Moiseienko
Associate Fellow
Olivier Kraft
Associate Fellow
