Illegal Use of Electronic Money Transfer - Money Laundering as An Example –

Abstract

Electronic transactions are new to the times and their prominent feature. Modern technologies have invaded all sectors, including the banking sector and the economic sector. Just as this tremendous technological development has had its positive effects, it has also had dire negative effects. It has helped commit financial and economic crimes in ways that institutions for the prevention and control of these crimes are unable to address Among them is the crime of money laundering, which is now carried out through electronic payment methods, especially electronic transfers.
Our study aims to clarify how money transfers are used in the crime of bleaching water, as it is the most serious financial and economic crime, and the necessity of the banking system's intervention in order to confront it.
We have reached several legal conclusions, including the complexity of this crime, which has become electronic, the need to strengthen the banking sector with a highly efficient human element, both technically and legally, and to tighten oversight of the electronic money transfer process and verify the sources of suspicious funds.