The Use of Blockchain Technology for the Purpose of Money Laundering from Crimes
The Use of Blockchain Technology for the Purpose of Money Laundering from Crimes

Summary/Abstract: In recent years there has been an increasing use of virtual currencies (also called cryptocurrencies) and block chain technology for money laundering of various criminal origins, and the increased liquidity of cryptocurrency in the financial market makes it an attractive tool for this purpose, triggering inevitably the attention of the legislators must under take legal actions adapted in this field because the current regulation can be considered imperfect. The essence of money laundering with the use of cryptocurrencies has not been sufficiently studied, the present analysis represents a step in this direction, by selectively evoking some manifestation patterns and possible counter measures taking into account the cryptocurrency ecosystem and the relevant international recommendations. These measures must combine the undeniable social utility of the new technology with the interest of states in preserving legality and social balance, and depend on several factors, among which a precise legislation of the conditions of acceptance or access to transactions involving this digital instrument. The convergence of legislation in this segment of social relations and the need to precisely regulate the risks of using cryptocurrencies could decisively contribute to reducing the shortcomings of the fight against money laundering with the help of virtual currencies and solving the key problems found in the activity of countering the legalization of the proceeds of crime.

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