Use of video games for money laundering. Illicit activities.

The 21st century has immersed society in an unprecedented technological era, where video games are not just youth entertainment, but a universal phenomenon encompassing all ages. From our grandparents to our mothers, almost everyone owns a smartphone, a device that usually includes some type of pre-installed video game. This fact highlights digital penetration in daily life, a scenario where familiarity with new technologies is reflected in constant news coverage of technological advancements, negative experiences, and even major industry events and conventions.

However, this extensive knowledge has also opened doors for those seeking to exploit these platforms for illicit purposes. Specifically, we will focus on how video game sales platforms and online games have become tools for money laundering. To better understand this concept, we refer to Chapter XIV of the Spanish Penal Code, which describes money laundering as the process of concealing the illegitimate origin of goods or assets to avoid the criminal consequences associated with them.

Methods of money laundering through video games

1.- Sale of in-game accounts

Take, for example, the popular online game “Fortnite”. Criminals use fraudulently acquired virtual currency to purchase in-game items, which are then sold along with the account at a reduced price through third-party websites. This method creates several layers of transactions that complicate tracing by authorities, leveraging the anonymity offered by the internet. Funds for these operations typically come from illegal activities such as the Dark Web or stolen bank data.

2.- Trading items on “Steam” platforms

“Steam”, developed by Valve Corporation, is a digital distribution platform that hosts an active marketplace where video game items are bought and sold. For example, in the game “CSGO”, players can obtain decorative items through paid draws, which can then be traded. Cybercriminals use illegally obtained assets to acquire these items and then sell them at lower prices or buy low-value items at exorbitant prices to then sell them at the same price through another account, effectively “cleaning” the money in the process.

This money laundering method has not only moved significant sums of money in the black market, estimated at 2 billion euros annually on “Steam” alone, but has also prompted a public response from the platform’s operators. According to statements by a “Steam” spokesperson, the company is actively collaborating with money laundering prevention organizations, such as ASEBLAC in Spain, to address these abuses.

This analysis highlights the need for continuous vigilance and regulation in the digital sphere to prevent the exploitation of video game platforms for money laundering activities.

How can we help you?

Currently, in our country, the regulatory context on this matter is articulated from Law 10/2010, of April 28, on the prevention of money laundering and the financing of terrorism, which establishes a series of obligations for obliged entities to prevent illicit funds from entering the financial circuit and being used to facilitate the financing of terrorism.

The Legal Area specializing in Money Laundering, Prevention, Defense, and Legal Services at IN DIEM Lawyers carries out its activity in all areas and sectors related to capital movements or operations.

Our expert team will study your case regardless of where you wish to establish your company. Contact us, we are available 24 hours a day, any day of the week, without obligation.

What are our services?

• Risk Assessment Report
• Customized Money Laundering Prevention System Design
• Training and Advice for companies, individuals, and obliged entities
• Administrative or criminal defense

We guarantee the best possible outcome, whatever your case.

• Personalized and professional attention
• Assistance throughout the judicial process
• 24-hour contact with your expert criminal lawyer
• Absolute confidentiality

Authors: Carlos Aragón del Río

Expert Lawyers in Money Laundering Advice, Prevention, and Defense: Malaga, Marbella, Seville, Madrid, Las Palmas de Gran Canaria, Almeria, Huelva…

Furthermore, IN DIEM Lawyers has extensive experience and a high degree of specialization in Money Laundering, Prevention, Defense, and Legal Services, offering advice in all areas and sectors related to capital movements or operations.

IN DIEM Lawyers has a team with experience in previous roles such as Magistrate-Judge, State Attorney, Prosecutor, or University Professor, which will provide you with peace of mind and security, by having the best, competitive, and highly prepared team to achieve your objectives and meet your needs.

We are at your disposal for whatever you need. You can reach us via the IN DIEM Lawyers Phone (+34) 901 900 071 or by email at info@in-diem.com

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