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Drugs, the Internet, MoneyLaundering and Shell Companies Tom Bergin • Online Drug dealing • Internet Payment Systems • Shell companies Drug dealing online • “FBI shuts alleged online drug marketplace, Silk Road” • “Silk Road: The eBay of Illegal Drugs” • “After Silk Road's demise, online drug dealing moves to new sites” Source: Reuters, WSJ, The Verge Life cycle of online drug market •Early 2011 – Silk Road begins operations •March 2011 – Gawker reports on the site. •June 2011 – U.S. Senators ask Attorney General to crack down on Silk Road •Nov 2011 – Secret Service co-operating with overseas agencies on investigation •Oct 2013 – FBI shuts Silk Road Challenges of online drug dealing • • • • Secrecy User Confidentiality Traceability of shipments Trust Internet payment systems Liberty Reserve “'Black Market Bank' Accused of Laundering $6 Billion” – ABC News Mr. A Bank Money Ex. LRs Account A Money Ex. LRs LRs Account B Liberty Reserve Mr. B Bank (Unregulated) Online Money Exchange (Unregulated) Online Money Exchange (Regulated) B Co. (Caribbean) Ltd. Technocash concedes 'one got through net' The Australian Shell Companies