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NCJRS Abstract

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NCJ Number: 169195 Find in a Library
Title: 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)
Author(s): G Wahlert
Date Published: 1996
Page Count: 7
Sponsoring Agency: Australian Institute of Criminology
Canberra ACT, 2601, Australia
Sale Source: Australian Institute of Criminology
GPO Box 2944
Canberra ACT, 2601,
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
Main Term(s): Criminology
Index Term(s): Australia; Computer related crime; Crime in foreign countries; Financial institutions; Foreign police; Money laundering; Technical evolution
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