RUSI NewsbriefVOLUME 38ISSUE 6members only

When Bankers Need to be More Creative than Hackers: Cybercrime and Money Laundering

Main Image Credit Money mules are a staple of the cybercriminal economy and may undertake different activities in different contexts to facilitate money laundering. Cash-strapped students are particularly suseptible to being enticed into quick-money schemes by ‘mule herder

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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Anton Moiseienko

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