WHICH VIRTUAL CURRENCIES BUSINESSES ARE (OR SHOULD BE) SUBJECT TO MONEY LAUNDERING RULES?

On 21st March, RUSI published a Commentary saying that regulating virtual currency businesses in order to prevent money laundering is not easy; but, it says, it can be done.  It likens the concern over how to deal with the virtual currencies with the 18th Century concerns expressed by Edward Thurlow, the Lord Chancellor of England, worried about the rise of corporations because they, ‘have neither bodies to be punished, nor souls to be condemned’.  However, it argues that implementing the FATF Recommendations in relation to virtual currencies is unlikely to be a simple copy-paste exercise for domestic regulators – and in deciding how far they should cast the regulatory net, they will need to weigh both definitional and practical challenges.

https://rusi.org/commentary/illusion-simplicity-which-virtual-currencies-businesses-are-subject-money-laundering

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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