Money laundering is thriving on the internet as criminals make the most of its anonymity to create false identities.
The Organisation for Economic Co-operation and Development (OECD) called for tighter regulatory controls in a report released yesterday.
According to the OECD, many crimes go undetected because of poor regulation. It also warned that internet gambling businesses and financial trusts provide fertile ground for criminal activities.
Professionals such as lawyers and accountants came under attack for helping money launderers set up companies and cover their tracks.
Further reports from the Financial Action Taskforce also claim that internet casinos are being used as a cover by criminals. The Paris-based inter-governmental body aimed at combating money laundering said it is investigating three alleged scams, including an internet casino based on a server in the Caribbean.
More unmetered customers get the boot
UK internet service provider PlusNet has kicked of around 1000 of its 24 x 7 SurfTime customers for not using the service fairly, it claims.
Customers who had their accounts terminated were told they had used the service inappropriately. Plusnet said customers that have had their internet access accounts deactivated will have any monies held in credit refunded in full.
Buy.com to sell its UK business
E-tailer Buy.com is to sell its UK operations as part of a restructuring plan aimed at cutting costs and reaching profitability by the end of the year.
Buy.com, which expects to complete the sale to an unnamed European company this quarter, will also close its Canadian store.
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