Emerging digital technologies to move money instantaneously and anonymously open up new possibilities for criminals and terrorists, while regulatory and law-enforcement agencies are limping far behind.On May 3, at the release of the 2007 Money Laundering Strategy (pdf), the U.S. Treasury spokesperson was pleased to note: "Focusing on well-established money laundering methods and emerging trends identified in the Assessment, we have created a robust strategy for combating money laundering, deterring criminals, and addressing areas vulnerable to exploitation."
Yet the latest digital advances open to criminals and terrorists -- mobile phones or other mobile devices to secretly transfer money globally, or M-payments; gambling; and transfer of virtual money through online role-playing games, or RPGs -- are missing from this long-awaited government strategy.
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