Anti-Money Laundering Risks and Challenges at the Time of Crypto Currencies
Anti-Money Laundering Risks and Challenges at the Time of Crypto Currencies
Author(s): HELI MEKLINSubject(s): Economy, Public Finances
Published by: Publishing Inc. European Readings & Prodifmultimedia/Editura Napoca Star
Keywords: Anti-money laundering; crypto currencies; tax evasion; tax haven; EU anti-money laundering directive;
Summary/Abstract: This paper gives an overview on both the challenges and risks that crypto currencies offer for anti-money laundering (AML) legislation. It also points out the possible directions and developments which need to take place in that field. The paper also briefly introduces the concept and function of crypto currencies, as well as the subsequent development of the AML regime. It points out the challenges related to the anonymity as well as the unclear status of the crypto currencies compared to traditional fiat currencies. Finally, the paper discusses the economic effectiveness and disadvantages of current AML procedures, in addition to taking a look at the disadvantages as well as the effects of money laundering in general.
Journal: L’Europe Unie
- Issue Year: 13/2018
- Issue No: 13
- Page Range: 59-67
- Page Count: 8
- Language: English