Question 9GS3GS3

Cyber-enabled transnational crime has emerged as the new frontier of global money laundering. Discuss. How can the government address this issue? (Answer in 150 words)

Main Body

According to NCRB → Cybercrimes are increasing ([120%] unclear in case) and money laundering via cyber space is becoming popular. Money Laundering (Layering, Placing, integration) → Algorithm Assisted Fraud i.e. Dark Web, Crypto, Blockchain → Cyber Signing Government address the issue by → 1) Global coordination via FATF (G7) (Financial Intelligence Unit) OECD FIU Collab. 2) Creating 'watchdog mechanism' to target global cyber money laundering safe havens i.e. Mauritius

3Talkin Manual on cyber crime infrastructure. (Best practice) 4) Cybercrime Kai and Inderjeet Rao committee → Direct cyber crime coordination unit, Skilled manpower in cyber forensics. 5) Making law on crypto and blockchain technology use 6) Strengthening financial laws like PMLA Act to deal with new age cyber crime challenge. 7) Capacity building of cyber swift teams CSK.

— Dishant Amrutlal Nisar · AIR 19

128 words1 paragraphs

Conclusion

Thus, only by global coordination, moneylaundering can be tackled, in era of cyber intelligence.

14 words

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Topper

Dishant Amrutlal Nisar

AIR 19

Subject & Paper

GS3GS3

Topic

Internal Security

Emerging tech and money laundering

Writing Stats

142

Total words

Paragraphs

Linked PYQ

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