Law Enforcement Strategies Against Money Laundering Through Cryptocurrency: Comparative Studies in Several Countries

DOI

10.2991/978-2-38476-315-3_76How to use a DOI?

Keywords

Money laundering; cryptocurrency; law enforcement; comparative study

Abstract

Money laundering through cryptocurrencies has become a significant global challenge for law enforcement, given the anonymous and decentralized nature of blockchain technology. Countries have adopted different approaches to combating these crimes, focusing on regulation, investigation, and prosecution. The study discusses and compares law enforcement strategies against money laundering through cryptocurrency in the United States, the European Union, Japan, and Singapore. The aim of this research is to identify and analyse effective law enforcement strategies in dealing with money laundering through cryptocurrency in various jurisdictions. The study also aims to understand the different approaches and challenges faced by the United States, the European Union, Japan, and Singapore in their efforts to eradicate this crime. This study uses a method of normative jurisprudential research with a comparative legal approach. The types of legal materials used include primary legal materials such as laws, regulations, and court decisions; as well as secondary legal material such as academic literature, journal articles, and law enforcement agency reports. The technique of collecting legal material is carried out through in-depth library study and analysis of official documents. Legal material is grouped into major premises and minor premises which are subsequently drawn logically. The research resulted in the finding that in order to counter money laundering through cryptocurrencies, the USA preferred a proactive technology-based approach and law enforcement institutional collaboration. The European Union relies on regulatory harmonization and cross-border cooperation based on law enforcement institutions (Europol dan Eurojust). Japan has imposed strict surveillance (panoptric) on international-based crypto-currency service providers. Singapore relies on a combination of strict surveillance (panoptic), state-of-the-art technology, and international collaboration, which makes it an effective model in law enforcement against money laundering through cryptocurrencies. The research findings suggest that a combination of technology, strict regulation, and international cooperation are key to effective law enforcement strategies in dealing with money laundering through cryptocurrencies. This is a law enforcement strategy that is the best practice for other countries without the exception of Indonesia, in order to implement law-enforcement and regulatory policies that are adaptive to the development of money-laundering through crypto currencies.

Copyright

© 2024 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Muhammad Rustamaji
AU  - Faisal Faisal
PY  - 2024
DA  - 2024/12/24
TI  - Law Enforcement Strategies Against Money Laundering Through Cryptocurrency: Comparative Studies in Several Countries
BT  - Proceedings of the International Conference on Cultural Policy and Sustainable Development (ICPSD 2024)
PB  - Atlantis Press
SP  - 560
EP  - 572
SN  - 2352-5398
UR  - https://doi.org/10.2991/978-2-38476-315-3_76
DO  - 10.2991/978-2-38476-315-3_76
ID  - Rustamaji2024
ER  -