NCJ Number
189261
Journal
Journal of Financial Crime Volume: 8 Issue: 3 Dated: February 2001 Pages: 218-225
Date Published
2001
Length
0 pages
Annotation
This article discusses the future of e-commerce in the United Kingdom.
Abstract
The past 20 years have seen a period of rapid growth in the use of computer technology and the Internet. It is expected that most of the economic activities on the Internet will center on online trade. There are two interrelated strands for businesses to contend with in the cybercommerce world. Customers must be confident that those they are trading with have a secure information system. In the event of a security failure, customers need assurances that they will not be penalized for the actions of the trader. In the United Kingdom, the business, as well as individuals within the business, is liable to pay substantial fines if it is found that there has been a breach of regulations. In the case of money laundering this can be translated into a fine being imposed on the company, which in real terms means a fine on shareholders. The reliance placed on the traditional methodology of prevention and detection is based on provider compliance. E-money transactions transcend traditional spatial structures and regulation has not kept pace with this. Although new technology has a great deal to offer, it can also be misused. There is a danger that the United Kingdom government’s response to the challenges of e-commerce may be interpreted as being revenue productive at the expense of a genuine attempt to prevent international organized cybercrime. 66 references.