Another Occasional Paper from RUSI, on 29th November, discusses the ways that cyber-criminals manage the proceeds of their crimes, from employing money mules to using services such as mixers to obfuscate the proceeds’ origins. It offers recommendations for policymakers, law enforcement professionals and regulated entities to target and reduce these activities. It says that some financial institutions are exploring innovative methods of detecting money-mule accounts, and that potential responses to the threat include either expanding the list of businesses subject to AML obligations on a case-by-case basis, as and when new business models arise, or using a flexible definition – for instance, of a ‘money-service business’ – that is capable of covering novel cryptocurrency businesses. It also recommends that the UK government should provide guidance to regulated virtual currency exchanges on dealing with higher-risk counterparties, such as mixers of unregulated exchanges, and transacting in higher-risk cryptocurrencies, such as privacy coins. Such guidance will help exchanges assess the risks they face and prioritise mitigation measures.