REFORMING THE LEGISLATIVE FRAMEWORK OF MONEY LAUNDERING IN A CYBERSPACE

Money laundering is an organized crime that is the process of laundering ill-gotten money through legitimate financial instruments. This research conducts to review of new growth in money laundering in cyberspace and mechanisms of prevention of the same by comparatively analyzing with prevailing laws of Sri Lanka and the UK. At present money laundering is a world crisis and the growth of ICTs creates a platform for the speedy sharing of funds all over the world within seconds. Money launders were using the internet to fulfill their unlawful activities effectively and hide the same immediately. The ICTs has opened their doors to the modern world and all financial sector and government sector utilized recent technology equipment to succeed in their services efficiently. It is very convenient for financial transactions all over the world by connecting across boundaries within a brief period. The main objective of this study is to explore the “threats of money laundering in cyberspace and the prevention mechanism of the same performed by Sri Lanka in comparison to the United Kingdom.