How do Ivorian Cyberfraudsters Manage Their Criminal Proceeds?

By Cristina Cretu-Adatte, Renaud Zbinden, Luca Brunoni, Hazel Bunning, Josselin Wilfred Azi & Olivier Beaudet-Labrecque

This article delves into the intricacies of managing illicit financial gains among Ivorian cyber fraudsters, shedding light on the findings of a field study conducted in Côte d’Ivoire by Swiss and Ivorian research teams. The study involved interviews with cyber criminals, law enforcement officials, and subject matter experts, to answer a specific question: What strategies do Ivorian cyber fraudsters use to manage and launder the criminal proceeds originating from romance scams and sextortion? The results explore the tactics employed by cyber fraudsters to obfuscate illicit financial flows, their organizational structures, and the strategies they employ in managing and using their gains. It confirms certain elements from the scientific literature, in addition to introducing new insights for a better understanding of the processes of money laundering and the use of illicit funds. The article also unravels the multifaceted challenges encountered within the anti-money laundering framework in the context of cybercrime and raises avenues for further reflection and future work to enhance the fight against this scourge.

Eur J Crim Policy Res 30, 359–378 (2024).