I am conducting GotoMeeting to conduct online meetings and I have disabled the recording option. I would like to know if there is anyway to prevent the participants use any screen recording software.
tl;dr Probably not.
I highly doubt that there are implementations in place to mitigate the risk of MUC participants recording a GoToMeeting session with a program like FRAPS (as an example), simply because you - the facilitator does not have control over the participant's systems.
Even if you're using a program like ESXi to manage VMs in-house, an individual can still deploy prepackaged, portable applications which facilitate both audio, and video recording.
What you CAN do is: