Implications for Law Enforcement of the Move to a Cashless Society (From Money Laundering in the 21st Century: Risks and Countermeasures: Seminar Held in Canberra, Australia, February 7, 1996, P 22-28, 1996, Adam Graycar and Peter Grabosky, eds. - See NCJ-169192)

• NCJ Number: 169195
• Author(s): G Wahlert
• Date Published: 1996
• Length: 7 pages
• Sale Source: Australian Institute of Criminology
• Publication Type: Report (Technical Assistance)
• Language: English
• Country: Australia

Annotation

The emerging technologies associated with stored value and smart cards, digital cash, and electronic commerce will pose increasing challenges to regulators and law enforcement in Australia and other countries, because computer linkages and the development of powerful encryption devices may create new opportunities for criminal groups and money laundering.

Abstract

The specific concerns of law enforcement regarding electronic cash relate to the transportation of illicit funds, an inability to trace the flows of money, counterfeiting, and the role of unregulated nonbank institutions as issuers. Existing monetary regulations do not cover all the potential uses of e-cash. It is unclear how the existing regulatory, legal, economic, and policy frameworks may be able to evolve to cope with the new products. Electronic money may be as difficult to regulate as any other form of digital information. The dilemma for law enforcement is how to ensure and encourage innovation while addressing issues required by the public interest. Privacy is a related and controversial issue. Addressing the emerging systems will require better understanding of them and close cooperation among law enforcement, regulatory agencies, financial institutions, and other entities that are providing cyberpayment services. 3 references