International Journal of Cyber Society and Education, Vol 3, No 2 (2010)

Electronic Funds Transfer in Money Laundering Crime: Regulation Needed in Response to Meeting of Technology and Crime in Indonesia

Go Lisanawati

Abstract


Advancements in information technology have affected modern society in numerous areas, including communication, education, commerce, and so on. These advancements have brought incredible benefits; they have also provided opportunities and motivation for various forms of crime. Information technology has also made crime highly profitable. Among the many types of criminal activities, modern technology has allowed money laundering to become an online crime. This new type of crime has raised some legal questions about the capability of national and international regulations in relation to current and upcoming issues. These include finding electronic funds transfer records after the fact, and determining money laundering activity that includes electronic funds transfer. Although Indonesia is an integral member of a community concerned with the interaction between technology and money laundering, it has not provided regulations to deal with the current and upcoming issues involving the crime of electronic money laundering. The increase in the amount of crime indicates the following series of techniques and mechanisms that had been detected in relation to money laundering activity. This research will examine current issues under the light of Indonesian regulations, and will put forward some proposals to close the legal vacuum.

Full Text: PDF