Baker Institute paper looks at electronic money trail

Aug 31, 2011

A dramatic growth in technologies, combined with older methods of money transfers, has helped create new opportunities for criminals to cover their financial tracks. A new report by Rice University's Baker Institute for Public Policy and the Brookings Institution Center for Technology Innovation details the latest trends in the illicit movement of money around the world and proposes several ways to curtail it.

"The combination of the enormous growth in social networks, the complexity of peer-to-peer systems and software and the number of Internet and wirelessly connected devices is altering the landscape of financial transactions at a rate and to a degree that is unprecedented," wrote Christopher Bronk, fellow in information technology policy at the Baker Institute and one of the report's co-authors.

"Shadowy Figures: Tracking Illicit Financial Transactions in the Murky World of Digital Currencies, Peer-to-peer Networks and Mobile Device Payments" was also co-authored by John Villasenor, nonresident senior fellow at the Brookings Institution in governance studies and the Center for , and Cody Monk, instructor/lecturer at the National Intelligence University and the Naval Postgraduate School.

"Almost no one would argue that governments do not have a right to track and trace digital associated with activities such as terrorism and human trafficking," the authors wrote. "It is less clear, however, how governments can surmount the formidable technical and organizational challenges associated with detecting and monitoring these transactions."

They suggested that any solution "will require a combination of self-regulation, government-industry collaboration and change in both technology and culture within government agencies."

The report was published by the Baker Institute and the Brookings Institution and can be viewed in its entirety at bakerinstitute.org/publications .

Explore further: Rural loss and ruin can be avoided

add to favorites email to friend print save as pdf

Related Stories

Baker Institute policy report looks at cybersecurity

Feb 24, 2011

A new article written by a fellow at Rice University's Baker Institute for Public Policy calls on the intelligence community to jointly create a policy on cybersecurity and determine the degree to which the U.S. should protect ...

Scientist urges new look at government 'Web-tapping'

Dec 02, 2008

The technology of government surveillance has changed dramatically, and the rules governing surveillance should be changed accordingly. Chris Bronk, a fellow in technology, society and public policy at Rice University's Baker ...

American Express makes digital wallets

Mar 29, 2011

American Express on Monday launched an online financial transactions service that it claims goes beyond what others provide in a market dominated by PayPal.

'What if?' scenario: Cyberwar between US and China in 2020

Mar 23, 2011

As Iran's nuclear plant attack and Chinese-based hackers attacking Morgan Stanley demonstrate how the Internet can wreak havoc on business and governments, a new paper by a fellow at Rice University's Baker Institute for ...

Recommended for you

Shrinking dinosaurs evolved into flying birds (w/ Video)

14 hours ago

A new study involving scientists from the University of Southampton has revealed how massive, meat-eating, ground-dwelling dinosaurs evolved into agile flying birds: they just kept shrinking and shrinking, ...

Congressional rift over environment influences public

17 hours ago

American citizens are increasingly divided over the issue of environmental protection and seem to be taking their cue primarily from Congress, finds new research led by a Michigan State University scholar.

Rural loss and ruin can be avoided

20 hours ago

An Australian Reconstruction Development Board needs to be established to help avoid more needless forcing of Australian farmers from their land, a QUT economist has said.

User comments : 0