Virtual currencies : key definitions and potential AML/CFT risks
Financial Action Task Force (Issuing body, Publisher)
In a short period of time, virtual currencies, such as Bitcoin, have developed into a powerful payment method with ever growing global acceptance. Virtual currencies offer an innovative, cheap and flexible method of payment. At the same time, the unique and often unfamiliar business model of virtual currencies poses a challenge to regulators around the world who are unsure how to deal with this payment method. This report establishes a conceptual framework of key definitions, which could form the basis for further policy development. Certain characteristics of virtual currencies, coupled with their global reach, present potential AML/CFT risks. The report provides law enforcement examples a number of examples of money laundering offences involving virtual currencies to demonstrate how this payment method has already been abused for money laundering purposes
eBook, English, 2014
Financial Action Task Force, Paris, France, 2014