CYBERCRIME MONEY LAUNDERING CASES AND DIGITAL EVIDENCE

Abstract

The widespread dependence on digital systems and increased value of digital commerce in the metaverse boosted cyber vulnerability. The cybercrime will be more profitable than the global trade of all major illegal drugs combined, while Cybersecurity Ventures expects global cybercrime costs to grow by 15 percent annually by 2025. Cybercrime changed traditional money laundering methods which is difficult to detect since it could be committed from anywhere in the world. The threat posed by cybercrime money laundering methodologies has been aggravated by the Covid-19 pandemic. To investigate cyber laundering the e-evidence are crucial, which is confirmed by the EU Commission estimate that 85 percent of criminal investigations require electronic evidence. Additional challenge for law enforcement authorities presents the fact that the organised cybercrime is joining forces and their likelihood of detection and prosecution is estimated to be 0.05 percent in the USA. Furthermore, the digital evidence is often held by service providers as private companies based in another country, which causes many obstacles to access to those data by investigative and law enforcement authorities. The paper identifies impact of Covid-19 on cybercrime and increased risks of cyber laundering. In relation to investigation and prosecution of cyber money laundering, the paper analyzes challenges for investigative authorities to gather data and evidence in cyber money laundering cases and efforts of EU and USA authorities to facilitate access to digital evidence and relevant data stored by service providers. The paper refers to possible shortcomings of proposed instruments and need for efficient response and adaptation to changes in the cybercrime.