Cyber economic crime and commonwealth laws

Abstract

The aim of this paper is to discuss the legal issues affecting commonwealth countries in terms of virtual/cyber financial crime. Virtual financial crime or cyber financial crime is where acts of fraud money laundering etc… take place over the internet. Virtual financial crime is a present and real threat to global economies and creating an international agreement to prevent, detect and punish virtual criminals is an increasing problem for governments and law enforcement agencies. This paper is divided into five parts. Firstly the paper will firstly consider what virtual financial crime is, setting the theoretical against real world cases of criminal activity thus incorporating part two of the paper. Thirdly the paper will consider the role of the Commonwealth in virtual financial crime and provide two cases studies, in part four, namely Australia and Nigeria, whose domestic jurisdictions aim to tackle cyber financial crime and how they draw upon commonwealth and international legislation for domestic purposes. Finally the paper will use these commonwealth jurisdictions as an example of how global regulators could use it to promote a joined up response to virtual financial crime.

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