Bitcoin for Bad Guys: Virtual Currency as an Anti-Terrorism Tool
One of the big bitcoin stories making news lately is related to a report issued from Combating Terrorism Tactical Support Office. Titled: "Advanced Planning Briefing for Industry", issued on Jan 30, 2014. It's being discussed by some of the mainstream press because it reports that virtual currencies may be seen as a potential threat. The reference to....
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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....
As the popularity of virtual currency reaches a new crescendo so is the demand to regulate it. The latest one jumping on the 'regulate digital currency' bandwagon is the Central Bank of Nigeria (CBN) which wants the transactions to remain strictly under control. The concerns over the virtual currencies were shared by the Director in charge of the Financial Policy and Regulation Department of the CBN, Mr. Obot Akpan, on behalf of the Deputy Governor, Financial System Stability, of the (CBN) Dr Okwu Nnanna in Abuja. He was speaking at the 2nd Anti-Money Laundering/Combating Financial....
The European Council of the EU has set forth guidelines in which it will seek to regulate virtual currencies and curb terrorist funding opportunities. In light of several high terror attacks within the EU in 2015, many regulators and citizens called for tighter surveillance and anti-terrorism operations. Calls for tighter control over virtual currencies after reports were released when it was suggested that some terrorists might have benefited from using Bitcoin to fund their activities. While such claims that terrorists have a unique advantage in using Bitcoin, the European Council is....
The Financial Action Task Force (FATF) has recommended closer monitoring of digital currency exchanges and gateways to counter money laundering and terrorism financing. FATF published its 'Guidance for a risk-based approach to virtual currencies' at a plenary meeting held this week in Brisbane. The 48-page document acknowledges that digital currencies carry several economic benefits such as decreased transaction costs, financial inclusion for those lacking access to banking services and the facilitation of microtransactions. However, they also carry risks of money laundering and terrorist....
"I see the promise of these new technologies, but I also see the reality: cryptocurrencies have been used to launder the profits of online drug traffickers; they’ve been a tool to finance terrorism," Yellen said.