Authors: Abhijeet Javia,Suresh Amal
Affiliation: National Forensic Sciences University,National Forensic Sciences University
Abstract:
The accelerated development of online gambling and wide range of new games has created significant opportunities for money laundering. This is done by misusing the features such as anonymity, high transaction records and easy way for cross-border transfers but here we are discussing about an unconventional method using the gaming platform to launder the money. This research delves deep into the ways by which criminals took advantage of online gaming platform through new strategy for laundering the illicit proceeds of crime. Here we discuss about the use of custom gaming algorithms to launder illicit funds through online gambling platforms. By this unconventional method of money laundering using algorithms designed by unethical developers are used to manipulate game outcomes to ensure consistent and significant winnings that allows criminals to seamlessly blending illegal funds into the financial system as legitimate gambling earnings. This unconventional method of algorithm-based money laundering is currently available in black markets and the need for efficient and effective regulatory intervention plays a crucial role. However, the progressive nature of online gambling and money laundering techniques demands enhanced oversight and technological advancements. Here we highlight, how laundering of money happens using the online gaming platforms and its importance of a comprehensive multi-faceted approach to address and strengthen regulatory frameworks by utilizing advanced technology and fostering global collaboration. The integrity of the financial system must be safeguarded from the growing threat of money laundering in this rapidly expanding sector by taking precautionary measures.
Keywords: Keywords: Money Laundering,Online Gaming,Gaming Algorithm
Vol & Issue: VOL.1, ISSUE No.1, january 2025