Cyber Laundering: A Threat to Banking Industries in Bangladesh: In Quest of Effective Legal Framework and Cyber Security of Financial Information

Cyberspace is a great media for exchanging information and data in the arena of E-banking. Banks are under pressure for the establishment of digitalization in its day by day operations to satisfy the clients' need. But the abuse of information technology has become a menace in the banking sector of Bangladesh. Concealing of original source and using advance technological solutions to transfer money illegally¨C the whole phenomenon is called Cyber laundering. This paper offers insights to increase an understanding of the nexus of corruption in banks, local economy and money laundering scandals. It examines the launderers' typology of crimes¡ª both potential and real. Through this paper it is a small initiative to point out the national control mechanisms to deal with the issues of money laundering in banks. The research is based on accessible data from papers, journals, various reports, etc. The illicit flow of money through banks has created worldwide millions of dollar misfortunes. This paper focuses on creating a Cybersecurity system for detecting money laundering as it has become a threat to Bangladesh's economy. Are there any self-evident weaknesses in the financial framework that make it treatable efficiently? It is critical to acknowledge that how the security viewpoints in a financial framework can impact such unlawful exercises which are then lead to an extraordinary lost to the economic development.