FINANCIAL CRIMES IN CYBER SPACE: RISKS AND THREATS OF LEGALIZATION OF ILLEGAL FINANCIAL ASSETS

Abstract

The current Article covers the issues of counteraction to financial crimes in cyberspace. Cyberlaundering pose the significant threat to the world financial system as it assists criminals in concealing and further use of illicit assets. It also poses the challenge for law enforcement agencies which should adjust its methods in order not to fall behind the developing digital landscape. The Article considers the issue of modern technologies use for conduction of cybercrimes aimed at breach, destruction or creation threats to critical infrastructure and/or spreading of fears or panics with the ultimate goal in causing physical or economic damage to society or its population. The Article provides analysis of interaction between legalization of financial assets in cyberspace and cyberterrorism. It notes that the new type of terrorism uses the interconnectivity and vulnerability of digital systems and networks of modern society to reach it criminal goals. During last decade the cyberterrorism threat became more urgent problem for governments as well for businesses. Considering technologies continue to develop and more and more resources of critical infrastructure are connected to the world digital network the probability of cyberattacks to damage and failures became seriously real then ever before. The use of digital currencies significantly exacerbates and deepens these problems. The creation of digital currencies at the state level ensures direct trade procedures with countries which accept such payments without any converting at commonly used world currencies. It assists in concealment of source of financial transactions. Respectfully the world faces with issues for development of methods and algorithms of detection and proactive counteraction to financial crimes at cyberspace as an integral part of overall cybersecurity of information resources.