Bloomberg quoted a report by the United Nations Office on Drugs and Crime showing: "The threat landscape of transnational organized crime in Southeast Asia is evolving faster than at any previous time in history."
Illegal cyber activities have increased since the COVID-19 pandemic. Cybercriminal organizations have set up operations such as cryptocurrency fraud, money laundering, and illegal gambling in Myanmar, Cambodia, and Laos.
The industry is proving to be highly profitable, with cybercriminal groups incorporating new business models and technologies, with increasingly sophisticated tactics, according to a United Nations report.
They can use malware, generative AI, and “deepfakes,” opening up new underground markets and cryptocurrency solutions for their money laundering needs.
“The sheer scale of proceeds from the booming illicit economy demonstrates the professionalization and innovation of money laundering operations, with Southeast Asian transnational criminal groups emerging as global market leaders,” the report said.
Financial losses from cybercrime fraud are estimated to be between $18 billion and $37 billion by 2023, with victims mainly in East Asia and Southeast Asia.
The report also cited a $2.3 billion money laundering case in Singapore, marking the Singapore government's crackdown on illegal financial activities.
“While this case is one of the largest money laundering investigations in Singapore’s history, it may just be the tip of the iceberg,” the report stressed.
