Money laundering, new technologies, FATF and Spanish penal reform

Abstract

PurposeThis paper attempts to examine new technologies, typologies, FATF recommendations and the last Spanish penal reform on money laundering.Design/methodology/approachThe paper describes the potential provided via internet and electronic transfers, prepaid cards and payment services with mobile phones for executing money laundering, and comments on the Spanish penal reform on this crime.FindingsThe study finds that the new payment systems facilitate money launderers’ criminal activity. However, the development of technologies, including the internet, has unquestionable advantages involved, and even provides verification of identity or other duty of surveillance for the prevention of money laundering. Also, this paper analyzes the amendments made recently in the Spanish Criminal Code regarding money laundering.Originality/valueThis paper would be beneficial to the legislature. Future development of measures for the prevention of money laundering should take into account all potential threats that arise from the use of new technologies. Moreover, the long list of modifications on laundering undermines the legal certainty and the consideration of criminal law as ultima ratio, within the framework of a globalized crime policy.