Virtual Economies and Financial Crime
Show Less

Virtual Economies and Financial Crime

Money Laundering in Cyberspace

Clare Chambers-Jones

Clare Chambers-Jones examines the jurisprudential elements of cyber law in the context of virtual economic crime and explains how virtual economic crime can take place in virtual worlds. She looks at the multi-layered and interconnected issues association with the increasing trend of global and virtual banking via the ‘Second Life’ MMOG (Massively Multiplayer Online Game). Through this fascinating case study, the author illustrates how virtual worlds have created a second virtual economy which transgresses into the real, creating economic, political and social issues. Loopholes used by criminals to launder money through virtual worlds (given the lack of jurisdictional consensus on detection and prosecution) are also highlighted.
Buy Book in Print
Show Summary Details
You do not have access to this content

Chapter 4: Money and Culture: Its History and Evolution. A Virtual Reality

Clare Chambers-Jones


Dishonest money dwindles away, but he who gathers money little by little makes it grow. (Proverbs 13: 11) INTRODUCTION Within this chapter the history of money and its place in society will be discussed along with the place of money’s rules and regulations. The aim of the chapter will therefore be to examine the proposition that throughout history money has been a continuously changing phenomenon. In other words, in relation to money, the chapter will show that in what we now consider to be virtual or un-real may, if we take history as a guide, be considered the norm in the future. It is this development and social development of human psychology that will be explored alongside the lack of rules and regulations of money and finance in a virtual world. Human culture, society and psychology is an important asset in the development and growth of money and finance and innovation can only be stifled by lack of awareness of this innovation. The chapter is therefore posing a question which will be examined in Chapter 6 which is if the virtual money and economy is considered as real, how can the real world laws be used to control and govern activities which use virtual money? For this to happen, human minds need to grapple with the concept of money in its virtual form and devise laws to transgress the virtual platform and intersect bifurcating jurisdictions. The chapter therefore is divided into several parts. First, the chapter will examine the history...

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information

or login to access all content.