Anti-money laundering regulations in the UK are set to become more stringent with the introduction of the FSA’s new rules and the Proceeds of Crime Bill going through Parliament. However cyber-laundering is more than a natinal problem. The Internet is no respecter of national borders. As with any regulation of the Internet, international co-operation is very important.
In terms of law-making, governments have been working together for many years. The two main international agreements addressing money laundering are the 1988 UN Vienna Convention and the 1990 Council of Europe Convention. However money laundering is still common. The use of technology is only likely to make worse the jurisdictional difficulties faced by prosecuting offendrs and authorities.
In 1986, the Money Laundering Control Act attempted to close the ways in the prior law that allowed for the structuring of transactions to flourish. Under the Act, the filing of a currency transaction report (CTR) is required even if a bank employee "has knowledge" of any attempted structuring. Thus, it appeared as if the ability to launder the profits from illegal activity would be severely stopped.
Regarding to legal issue and finantial scurity, greater co-operation is required between agencies of different jurisdictions to share information and carry out investigations quickly before it becomes too late.
The FATF is the main international body devoted to combating money laundering. It has made 40 compelet and clear recommendations covering areas such as customer identification, minimum standards of record-keeping,
co-operation between banks and supervisory and law enforcement agencies and suspicious transaction reporting (STR).
One recommendation is that international organisations such as Interpol be given responsibility for gathering and disseminating information to national authorities about the latest developments in money laundering. Another recommendation is that, whilst safeguarding privacy and data protection, improvements should be made in respect of spontaneous or “upon request” international information exchange.[1]
Source:
[1]http://www.ibls.com/495188105766404004&postID=5727315654307800179
Based on the different reports of institutions which are active in the field of cyberlaundering, I found this important point that the department of justice in different countries are trying to surround and prevent the issue of money laundering / Cyberlaundering through introducing several laws to deal with this issue and also putting penalties and imprisonment over different offences related to money laundering / Cyberlaundering. Behind of this, I read a article in one of the websites that informed about police for internet and a special department for e-crime which I think it can be a good movement toward to control of Cyberlaundering and other cyberspace crimes