Technology and Cross-Border Financial Crimes

This paper, explores how technology facilitates cross-border financial crimes and underscores the importance of international collaboration in curbing these activities. It further examines the role of shared intelligence, harmonized legal frameworks, and the adoption of advanced technology in building a united front against global financial crime. This study is guided by Robert K. Merton’s strain theory and McClelland’s Needs Theory. The study utilized secondary research methodology. In the 21st century, the rapid advancement of technology has revolutionized financial systems, improving efficiency and connectivity but simultaneously creating new avenues for criminal tendencies such as financial crimes. Crimes under the category of money laundering include cyber fraud and tax evasion has transcended national borders, making them increasingly complex to tackle. The intersection of that technology and cross-border financial crime has continued to poses a significant challenge to global security and economic stability. Therefore, as financial criminals exploit advances in technology; international collaboration becomes essential for effective enforcement. Harmonizing legal frameworks, sharing intelligence, and leveraging emerging technologies are key to curbing financial crime. The mandatory collaborative effort of international organizations and governments continuity is to stay strong ahead of these threats, ensuring that the global financial system remains secure and resilient in the face of evolving challenges. On this note, this paper among other recommendations proposed that there should be collaborative efforts to strengthen the independence of anti-money laundering (AML) and anti-corruption agencies and increasing their collaboration with similar agencies in other jurisdictions. This will improve their ability to collect evidence to be used in foreign criminal prosecutions and foreign forfeiture cases.