Regulating supranational financial cyberspace

Computer and communication technology permit enormous volumes of money to be moved around the world in split-seconds in a "supranational cyberspace" or an "international money space". In this way, more than 1 trillion dollars are moved internationally every day in the legal economy, moving among others in and out of offshore banks and 24-hour markets. However, all this activity is largely beyond the reach of government control. International money space is suited to permit international organized crime's estimated 750 billion dollar a-year-enterprise to merge into the legal economy. Indeed, following illegal money in international money space is often more and more impossible. This criminal activity is a challenge to national sovereignty and international security. Mechanisms must be developed and implemented in order to effectively regulate international money space against its abuse.