CYBERCRIME MONEY LAUNDERING CASES AND DIGITAL EVIDENCE
CYBERCRIME MONEY LAUNDERING CASES AND DIGITAL EVIDENCE

Summary/Abstract: The widespread dependence on digital systems and increased value of digital commercein the metaverse boosted cyber vulnerability. The cybercrime will be more profitablethan the global trade of all major illegal drugs combined, while Cybersecurity Venturesexpects global cybercrime costs to grow by 15 percent annually by 2025. Cybercrimechanged traditional money laundering methods which is difficult to detect since it could becommitted from anywhere in the world. The threat posed by cybercrime money launderingmethodologies has been aggravated by the Covid-19 pandemic.To investigate cyber laundering the e-evidence are crucial, which is confirmed bythe EU Commission estimate that 85 percent of criminal investigations require electronicevidence. Additional challenge for law enforcement authorities presents the fact that theorganised cybercrime is joining forces and their likelihood of detection and prosecution isestimated to be 0.05 percent in the USA. Furthermore, the digital evidence is often heldby service providers as private companies based in another country, which causes manyobstacles to access to those data by investigative and law enforcement authorities. The paper identifies impact of Covid-19 on cybercrime and increased risks of cyberlaundering. In relation to investigation and prosecution of cyber money laundering, thepaper analyzes challenges for investigative authorities to gather data and evidence in cybermoney laundering cases and efforts of EU and USA authorities to facilitate access to digitalevidence and relevant data stored by service providers. The paper refers to possibleshortcomings of proposed instruments and need for efficient response and adaptation tochanges in the cybercrime.

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