New UK Report Proves Bitcoin is Not Terrorism or Criminal Risk
In many ways, the digital currency Bitcoin has had a very tough year. It reached its lowest point in almost two years back in January, and its overall gains for the year are relatively modest. Russia has stepped up its efforts to ban the currency outright. And the establishment can’t stop taking shots at it while heralding its Blockchain ledger....
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Digital currencies were deemed a "low" risk for money laundering and terrorism financing in a report published last month by the UK government. In a National Risk Assessment released 15th October by HM Treasury, the government said that digital currencies present the lowest risk rating among money laundering vehicles, a list that also includes cash, banks and accountancy services. "The money laundering risk associated with digital currencies is low, though if the use of digital currencies was to become more prevalent in the UK this risk could rise," the report states. It goes on to....
A new US Treasury Department study reports that bitcoin could possibly be used to fund terrorism but says the actual risk posed remains uncertain. The National Terrorist Financing Risk Assessment, published 12th June, includes virtual currencies on a list of "potential emerging" risks as a tool for funding terrorism, stating that bitcoin "may be vulnerable to abuse by terrorist financiers". The report notes: "Given the attractiveness of virtual currency to conduct illicit financial transactions, the possibility exists that terrorist groups may use these new payment systems to transfer....
Digital currencies such as bitcoin are attractive for terrorism financing, according to Australia’s financial intelligence agency, AUSTRAC, which is calling for them to regulate it under its anti-money laundering and counter-terrorism financing laws. A report published by AUSTRAC, Terrorism financing in Australia 2014, stated that terrorism financing was turning its attention to electronic and online payment methods, which is likely to rise over time. The report said: Terrorist groups engaged in radicalisation, recruitment and communication online (such as through social media) are a....
Privacy coins are getting more attention than ever from the U.S. government. A new report from the U.S. Department of Justice alleges that crypto traders dealing with coins like Monero, Dash, and Zcash are engaging in “high-risk activities.”According to the report by the U.S. Attorney General's Cyber Digital Task Force called Cryptocurrency: An Enforcement Framework released on Oct. 8, anonymity enhanced cryptocurrencies (AECs) can undermine existing anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations put in place by businesses engaged in virtual asset....
Bitcoin may pose a risk for terrorist financing, according to a new report from the Financial Action Task Force (FATF). In a report entitledEmerging Terrorist Financing Risks, released today, the organisation notes that virtual currencies have "attracted the attention of various criminal groups", including extremist organizations. However, while their use among terror organisations could grow in the short-term, the scale of the threat they pose is unknown and should be researched further, it says. "This report presents a number of interesting cases, but the actual prevalence and level of....