Bridging the Gap: Digital Inclusion, Financial Literacy, and the Fight Against Money Laundering in the European Union

Introduction 

Although the evolution of the use of digital technology in the provision of financial services has improved their inclusivity, it has also intensified the gap in access to these services, due to disparities in access to technology and education – this is referred to as the so-called “digital divide” (Koskelainen et al., 2023; Vik et al., 2024). This divide may result in some citizens being financially excluded, while facilitating the conduct of criminal activities such as money laundering in the European Union (EU). Individuals with limited financial understanding and digital abilities are at a distinct disadvantage. They are particularly susceptible to money laundering, where criminals capitalize on loopholes in the regulatory framework and the lack of widespread access to structured financial services.

The absence of robust digital controls within informal financial systems, a consequence of limited technological integration, renders them highly vulnerable to criminal manipulation. (Das, 2024). In other words, the limited access to digital financial services pushes marginalized groups towards informal financial systems, which are more easily exploited by criminals. For instance, using agents or kiosks as access points for financial services may increase transaction costs for an unlettered client (Matthews, 2019). Differences in mobile phone ownership, once again socio-economically and ethnically determined, highlight the social and cultural obstacles to engaging with the digital economy (Matthews, 2019).

In today’s world, financial services are more complex than ever, and so is the need for financial literacy and digital skills. These skills assist in the efficient utilization of digital financial services, while their absence increases the chance of falling prey to fraud or unwittingly becoming a party to money laundering (Koskelainen et al., 2023). Underprivileged and economically disadvantaged sections of society face barriers to accessing digital services, thereby widening the existing gap further, making them dependent on unregulated and unstable financial markets (Das, 2024). 

The digitalization of financial services presents a contradiction: it promotes financial inclusion, while also offering new opportunities for financial crime. Firstly, the digital divide means that marginalized people are also more exposed due to their limited access and knowledge, leaving them more vulnerable to being manipulated into money laundering schemes (Vik et al., 2024). Secondly, the very technologies that are meant to promote inclusion, such as online banking, cryptocurrencies, and mobile money services, create systemic vulnerabilities related to relative anonymity and lack of regulation, thus enabling criminals to disguise their illegal activity (Das, 2024). On an individual and a systemic level, these vulnerabilities are connected: those marginalized due to the digital divide are often also the most vulnerable to exploitation in these less-regulated digital spaces. This underscores the importance of addressing both types of vulnerability, and the importance of a more purposeful response to effectively counter financial crime.

A systematic literature review was utilized to identify, assess, and combine documented evidence of; theory and empirical research on the digital divide and its effects on financial inclusion in the EU, changing trends of money laundering in the fast-evolving digital finance space, and whether existing EU regulations do enough to curb the risk of money laundering through digital financial services. 

The search strategy relied on a set of keywords and utilized certain databases, specifically Scopus, Web of Science, and Google Scholar. Clear search criteria were set to include and exclude studies based on the relevance of the aforementioned set of problems. Examples of keywords used include: ‘digital divide,’ ‘financial inclusion,’ ‘money laundering,’ ‘cybercrime,’ ‘digital financial services,’ ‘AML (Anti-Money Laundering) regulation,’ ‘fintech,’ ‘online fraud,’ ‘financial literacy,’ ‘digital vulnerability,’ ‘EU financial policy,’ and ‘regulatory gaps.’ It is necessary to analyze the policy issues related to the intersection of the digital divide and money laundering within the EU. Addressing the strengthening of international cooperation in the fight against money laundeAddressing the strengthening of international cooperation in the fight against money laundering, the digital financial services regulatory framework, and the improvement of national law enforcement agencies’ capabilities, are all key areas (Bergström, 2024; Das, 2024). In addition, tackling the issues and complications caused by the digital divide would assist in fostering financial inclusiveness within EU countries (Koskelainen et al., 2023).

This paper intends to examine how the digital divide within the EU facilitates money laundering, and to formulate policy recommendations aimed at narrowing this digital divide, enhancing financial inclusion, and reducing financial crime. This research is focused on helping readers understand the impact of digital technology on finances and the problem of illegitimate financial actions, particularly within the European Union member countries.

Methodology 

This study used a qualitative approach to thoroughly investigate the relationship between the publication date, study design, geographical area, and other parameters, with the research question. A standardized data extraction form was used to extract data from the studies selected for review. The review included thematic analysis so that important themes and gaps in the knowledge could be identified. A secondary data analysis was conducted for this research. 

The main data sources were Eurostat data on indicators for the digital divide, financial inclusion rates, and socio-economic indicators; European Central Bank reports and data on financial stability, payment systems, and anti-money laundering/counter-terrorism financing (AML/CTF) risks; reports and data from National Central Banks (NCBs) of EU member states on financial inclusion and AML/CTF activities within their respective jurisdictions; results from worldwide organisations, such as the OECD, IMF, and World Bank on digital finance, financial inclusion, and money laundering; and pertinent EU legislation and policy papers relating to digital finance, financial inclusion, and AML/CTF. Qualitative content analysis was employed to analyse policy documents, identify key themes, assess the effectiveness of existing regulatory frameworks, and gain deeper insights into the challenges and opportunities presented by digital finance within the EU context.

A comparative analysis framework was employed to examine the experiences of a selection of EU member states, considering factors such as economic development, levels of digitalization, and regulatory environments. This comparative approach enabled the identification of common trends and unique challenges related to digital finance, financial inclusion, and money laundering across different member states, fostering a nuanced understanding of the diverse realities within the EU.

This study acknowledged certain inherent limitations. Reliance on secondary data presented challenges related to data quality, availability, and comparability across different member states. Furthermore, the study’s scope was limited to EU member states, potentially excluding the unique dynamics of non-EU countries.

The study aimed to: (1) comprehensively explore the existing body of knowledge on the digital divide and its implications for financial inclusion and money laundering within the EU; (2) gain in-depth insights into the realities of digital finance, financial inclusion, and money laundering across different EU member states; and (3) identify key challenges and opportunities associated with digital financial services within the EU context. This approach allowed for a more comprehensive understanding of the research problem than any single method alone, enabling the generation of robust, policy-relevant findings.

Theoretical Framework

This research takes a multi-theory approach to explore the intricate relationship between the digital divide, financial inclusion, and money laundering in the EU. It weaves together insights from Digital Divide Theory, Financial Inclusion Theory, Money Laundering Theory, and Social Capital Theory, offering a thorough understanding of how gaps in access to finance and technology can drive illicit financial activities. Specifically, the way the research question is framed goes hand in hand with the choice of research methods and how the findings are interpreted. 

To start, the Digital Divide Theory serves as the main lens for this study, shining a light on the inequalities in access to and use of digital technologies, which play a crucial role in financial inclusion (Usman et al., 2024). This theory argues that the gap between those who have access to digital tools and those who don’t only deepens existing socioeconomic disparities, particularly impacting marginalized groups (Gilbert et al., 2008). In the banking sector, individuals lacking the skills or access to digital technologies often find themselves relying on informal financial channels, which are less regulated and more vulnerable to exploitation by criminal elements (Das, 2024).

Moreover, the Digital Divide Theory encompasses more than just access to technology; it also includes digital literacy, which is essential for navigating and utilizing complex financial systems (Usman et al., 2024). Therefore, we need to address the digital divide to enhance financial inclusion and reduce the potential risks of financial crime within the EU (Koskelainen et al., 2023).

 Financial Inclusion Theory posits that access to formal financial services is critical for economic growth, poverty alleviation, and income equality. Nowadays, individuals engage with banking institutions, access credit, and invest in opportunities such as education and entrepreneurship; financial inclusion can significantly enhance the economic well-being of underprivileged segments (Kling et al., 2020). This theory, however, emphasizes that access is not all that is required, but the success of financial inclusion is contingent on the terms and conditions of such services and the financial literacy of individuals (Kling et al., 2020).

In the context of the EU, persistent disparities in access to digital financial services mean that individuals who lack both financial literacy and digital skills may be unable to utilize such services effectively. This can lead to over-reliance on informal financial sources that, while providing short-term alleviation, tend to entail high costs and risks, including higher vulnerability to money laundering activities (Koskelainen et al., 2023). Financial Inclusion Theory advocates for a multidimensional approach that, beyond simply widening access to financial services, emphasizes the importance of elevating digital and financial literacy. This approach aims to empower individuals to make informed financial decisions and actively participate in the formal economy (Vik et al., 2024).

Additionally, the Money Laundering Theory examines the methods through which criminal money is transformed into seemingly legitimate assets, to enable criminals to utilize this criminally implicated money without attracting the attention of law enforcement agencies (Levi & Reuter, 2006). This research conceptualises money laundering as a systematic process with three significant stages: placement, layering, and integration (Levi & Reuter, 2006). These stages need to be understood to appreciate how financial systems, especially those that handle electronic currencies, can be utilized by criminal organisations. 

Placement is where illicit funds are introduced into the financial system for the first time, normally through methods which disguise their origin. Within the EU, the digital divide can exacerbate this stage because individuals without access to formal financial services can utilize informal channels, providing opportunities for money laundering activities (Koskelainen et al., 2023).

Layering is a sophisticated series of transactions intended to conceal the source of illicit funds. Digital financial technologies can potentially facilitate this stage; for example, cryptocurrencies offer anonymity and enable quick cross-border transactions, which pose challenges for law enforcement (Anika, 2024). However, Central Bank Digital Currencies that are designed with lower levels of anonymity and robust tracking capabilities could mitigate the threats of layering (Wang, 2023). 

The third stage, integration, is the final step whereby laundered funds are reintegrated into the legitimate economy. This stage poses regulatory complications because it normally includes legitimate businesses that mask the true nature of the funds (Levi & Reuter, 2006).

In the EU context, the digital divide can inadvertently engage unsuspecting citizens, particularly those with limited digital and financial literacy, in money laundering operations, and it will be hard to detect due to both individuals’ limited access to formal banking systems and the resulting reduced visibility for authorities (Usman et al., 2024). 

The consequences of money laundering reach beyond individual crime, and can pose additional risks to financial systems, future economic stability, and national security. The conclusions reached about money laundering, the digital divide, and financial inclusion exhibit the need for an inclusive policy to enhance access to financial services; this should have positive implications for effective AML controls. Financial literacy can be increased for individuals of lower-income backgrounds or socioeconomic statuses, resulting in the reduced future risk of exposure to vulnerable financial systems and reduced possibility of future exploitation by criminal groups (Kling et al., 2020). 

If a CBDC has low anonymity on transactions with a high interest rate, in addition to the individuals involved having greater financial literacy, it has the potential to help reduce money laundering by providing a risk-free regulated option to cash transactions (Wang, 2023). The Social Capital Theory states that returns are generated through trust, networks, and norms that create productive social returns on engagements. In developed countries, looking at both money laundering and the digital divide, having low social capital has the effect of making poorer, vulnerable groups more vulnerable as they engage in informal systems that are easier to manipulate. It is perhaps the case that greater levels of social capital through access to financial and digital opportunities could potentially enhance a community’s resiliency to crimes such as money laundering.

Regarding financial inclusion and money laundering, social capital at both the individual and community level is a key dimension as a predictor of access to formal financial services and vulnerability to indirect manipulation by illicit networks. Social capital is stronger when it is characterized by stronger networks, shared norms, and high levels of trust among its members, which cultivates engagement and activity in the community. Community engagement is vital to building and sustaining viable formal financial institutions that adequately serve marginalized populations (Akçomak & ter Weel, 2012). The relationship between social capital and formal financial inclusion is especially salient when considering the impacts of the digital divide, where diminished access to technology and financial information only increases a person’s susceptibility to financial abuse.

Individuals with sound social networks are also more likely to have access to general financial knowledge, thereby enhancing their financial literacy, as well as reducing their reliance on informal financial channels (and the increased money laundering risks that accompany these) (Koskelainen et al., 2023; Vik et al., 2024). Conversely, groups with lower social capital are more likely to be exposed to money laundering networks, since citizens have fewer social support structures to deal with the complex financial landscapes (Das, 2024).

Social capital also has significant implications for collective action against financial crime. It is such high-trust and cooperative communities that are likely to engage in collective monitoring and reporting of suspicious financial transactions, hence ensuring the integrity of the economic system as a whole (Akçomak & ter Weel, 2012). This is also in line with the broader view of social capital as both an individual and community asset that is applied to preventing crime and facilitating safety (Akçomak & ter Weel, 2012). 

This multi-faceted approach creates a way to see the deeper and interconnected issues of the digital divide, financial access, and money laundering in the European Union. The study identified possible areas of weakness and improvement for financial access and safety in a more digital financial realm. The theoretical framework that guided this research—merging social capital theory with the relationship of financial access, and laundering—had shaped the research design in all aspects of informing the identification of major variables, creating research questions, and selecting qualitative methods for exploring the empirical relationships among each phenomenon.

Results

This research explores the connections between the digital divide and its money laundering implications in the EU, especially as it is related to financial service accessibility, financial literacy, and novel and digital monetary modalities. The consequences of this knowledge will be felt largely by marginalized populations. The research conjectures that the multiple digital divides mediate access to formal financial service use and money laundering risk exposure at the level of accessing formal financial services. Marginalized communities and groups are also likely to have lower financial literacy than other, more privileged cohorts in society, which matters because they are more likely to fall victim to unregulated income-generating options (Matthews, 2019; Vik et al., 2024). 

Ultimately, EU citizens face significant costs concerning financial service accessibility when considering the digital divide. The European Union (2023) suggests EU citizens show extremely low levels of financial literacy, with 18% high, 64% medium, and 18% low literacy. Differences such as these impact financial service accessibility, and it is evident that the unprecedented digital divide greatly impacts marginalized communities. Users with low financial literacy may also be unable to utilize financial services; they may even fail to use informal income-generating options, which are largely risky for exploitation. 

In addition, the report prepared for the European Union (2023) found considerable variation in financial literacy levels between Member States; only four had more than 25% of their citizens classified as having very high levels of financial literacy (the Netherlands, Sweden, Denmark, and Slovenia). Romania, Bulgaria, and Greece had the lowest rates of financial literacy, demonstrating that a sizable portion of their adult population was rated as having very low financial literacy and therefore at risk of financial exploitation. Similar disparities suggest there is a need for customized, adapted and tailored solutions.

Educational disadvantages surrounding digital financial services put individuals in positions of risk for money laundering. While 75% of respondents agreed there is comfort to be found in using digital financial services, there are significant gaps in financial literacy (European Union, 2023). Individuals with low numeracy levels may find it difficult to utilize these services, as unjustified cash usage may result. Traditional financial services are often high-cost, physically distant locations, or (more recently) impossible to access due to pandemic-related issues or disability. Allotting time for financial literacy programs in-person or online may be difficult because of the barriers to funding that prevent the service from being activated. Each of these barriers to financial literacy compounds the problem. Also, a lack of practical digital financial skills for utilizing online banking, like detecting fraud in the online context, increases vulnerability. 

Although convenient ways to transfer money and shop for goods and services digitally exist, financial channels carry their own form of risk in money laundering. The 2023 report on the EU indicated that participants expressed all-time high confidence in using online banking and mobile payment platforms (based on the survey), but found increased reliance on digital payment systems can lead to financial crime, such as transferring funds through an online financial delivery across the border. The continued growth of digital currencies has increased niches in available products to interest financial owners, such as taking out non-life insurances (46%), life insurances (31%), and investment products (24%), therefore necessitating increased regulations around products and services (European Union, 2023).

However, this wealth management product or insurance has benefits attached. Its complexity can pose challenges to those not suitably financially literate. More and more people are now investing in cryptocurrencies. About 6% of EU citizens have claimed they own cryptocurrencies. However, since these assets are unregulated and involve a lot of different technologies, they make illicit financial flows easier (Vik et al., 2024). Governments must work to reduce the gap in cryptocurrencies to help with operations.

These results show that it is important to make policies that promote digital and financial inclusion. Addressing money laundering risks will require enhancing the synergy of EU member states to boost information sharing and address cross-border money laundering effectively (Das, 2024). Also, improving laws on digital money services will help reduce the chance of people being tricked into laundering money. All this and more, through the collaboration of the EU countries. Making sure that poorer people have access to technology and getting them online so they can open a bank account must happen.  Implementing digital literacy training programmes as well as offering sustainable solutions targeting vulnerable and marginalized populations who lack access to formal banking services is an effective course of action. Strengthening the laws for Digital Money Services to improve transparency and reduce the threat of money laundering, the EU is facing a situation where many people are unable to access financial services due to a lack of technology. We need to ensure people become digitally literate and have access to mobile phones and networks to access financial services.

Discussion

The findings of this study illuminate the intricate relationships between the digital divide, financial inclusion, and money laundering within the EU. By leveraging a multi-theoretical framework encompassing Digital Divide Theory, Financial Inclusion Theory, Money Laundering Theory, and Social Capital Theory, we can better understand how disparities in access to financial services and technology contribute to illicit financial activities.

Interpretation of Results in the Context of the Theoretical Framework

Digital Divide Theory stresses that the gap between access to digital technology benefits people with money and access, while reducing value for those without money and access. According to the findings of this study, people from marginalized groups, especially rural and economically disadvantaged people, have reduced access to banking services, resulting in an increased likelihood of using informal systems. Relying on informal finance increases the chances of being exploited financially, while also creating opportunities for criminals to launder money (Koskelainen et al., 2023). Matthew (2019) notes that women’s phone ownership is not only affected by inequality, but also by restrictive norms. Further, action to close the gap will enhance financial inclusion and limit the harm of financial crime. 

However, this study has proved that accessibility is not enough. The effectiveness of financial inclusion depends on the conditions of these services and the financial knowledge of the individuals involved. The findings were that people who are marginalized are often financially illiterate, without the necessary technological experience, thus making them vulnerable towards scams and money laundering networks (Koskelainen et al., 2023). Programs must be created that financially empower the populations and address their particular needs according to the study’s results. 

Criminals are likely to use digital financial technologies (DFTs) like cryptocurrency to take advantage of the anonymity provided by layering and placing their money through easy digital transactions (Vik et al., 2024). As the area of digital finance continues evolving, robust regulatory frameworks are required to encourage the optimal effectiveness of AML efforts.

According to Social Capital Theory, social networks and trust encourage cooperation among people, which can influence economic and social outcomes (Akçomak & ter Weel, 2012). Results suggest that people who have strong social networks are in a better position to deal with the complexities of finance. This helps them achieve better financial literacy and also reduces their reliance on informal finance, which is associated with higher risk for ML (Koskelainen et al., 2023). On the contrary, communities with low social capital may become victims of money laundering networks, which exploit their condition, as they will have less social support to navigate through the financial systems (Das, 2024). The involvement of social capital in the communities can act as a shield against financial crimes.

Implications for Policy and Practice

These findings are important for legislators. Firstly, policies that allow for better access to digital financial services must be put in place to enhance financial inclusion (Bergström, 2024; Koskelainen et al., 2023). It means pushing for access to banking services in brick-and-mortar banking deserts and the regulators reaching for a regulatory framework that is up-to-date and fits digital financial services (Koskelainen et al., 2023; Bergström, 2024). Those who take part in the use of Digital Products and Services should be able to do so without fear of becoming victims of scams or phishing (both individuals and institutionalised, and among women especially)    

 Programs geared toward financially aware and digitally skilled persons, more so women, are extremely essential to navigate through the use of digital financial services, and to identify scams. Digital offers should become more affordable through subsidization measures benefiting the poor, and be priced accordingly to help increase access to regulated financial channels. More effective services that do not cost too much are essential for the poorest to give access to safe and reliable banking. 

 Finally, regulators must tighten the rules on digital finance to deal with money laundering risks. This would involve enhancing KYC and AML rules to ensure proper regulation of digital transactions (Vik et al., 2024). EU member states should collaborate to share information to fight cross-border money laundering more efficiently.

Areas for Future Research

Future research should study the effects of emerging technologies like CBDCs on financial inclusion and money laundering. It will be important to understand how CBDCs will reshape the financial landscape and help reduce risks associated with anonymity as they gain traction (Wang, 2023). Further research into the use of social capital for improving marginalised groups’ financial literacy can help develop community-based efforts to help reduce vulnerabilities to financial crime. 

Furthermore, long-term studies that investigate the effectiveness of policy initiatives aimed at closing the digital gap and enhancing financial access would enhance the understanding of the operational behaviour of these policies. Looking into how the digital divide, financial inclusion and money laundering interact with each other in the various countries and economies outside the EU can also provide useful comparisons that will help in the fight against financial crime.

To sum up, this research highlights the different connections between the digital divide, monetary inclusion, and money laundering in the European Union. To solve these problems, it is important to create special policies that will help more people use financial services and prevent financial crimes. Looking through several theories enables a full comprehension of the complexities of the issues outlined, in addition to serving as a guide for future work aimed at improving access to finance and securing the financial system, especially concerning the digital finance space.

Conclusion

The results of this research show how the digital divide, financial inclusion and money laundering are interrelated. The study shows that the inequalities in access to digital technologies and financial services not only exacerbate socio-economic inequalities but also make those facing inequalities more likely to be exploited within criminal networks. As vulnerable groups have limited access and financial literacy, they begin to rely on informal financial channels more and more, which makes them more vulnerable to being used by money laundering schemes (Koskelainen et al., 2023; Vik et al., 2024).

Policymakers must prioritise developing targeted interventions to bridge the digital divide to counter money laundering while enhancing financial inclusion. To this end, comprehensive financial literacy initiatives with training in digital skills should be implemented, especially targeting disadvantaged groups, such as women and low-income groups (Das, 2024; Kling et al., 2020). In addition, the regulatory frameworks must be reinforced to ensure that digital financial services are adequately regulated to prevent illicit activity and secure and inclusive access to financial services (Bergström, 2024; Vik et al., 2024).

Future research ought to look into how digital finance is changing, especially what will happen with new technological developments like CBDCs, and whether they can stop anonymity or cash flow crimes (Wang, 2023). Also, studies done over time looking at the impact of policies to increase financial inclusion and reduce the risks of money laundering can be useful for future initiatives. As the EU continues to navigate the complexities of an increasingly digitized financial landscape, addressing these challenges will be critical for fostering a more equitable and secure economic environment for all citizens. 

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