Publication at Faculty of Law |
2020
Abstract
This paper outlines issues arising from the new European regulation tackling money laundering and financing of terrorism with the relation to virtual currencies. It concludes that there exist some serious loopholes in the 5th AML directive enabling to created money laundering schemes using virtual currencies which won't be subject to the restrictions and requirements imposed on obliged entities.
In particular, these problematic aspects concern to virtual currencies used for investments, virtual currencies mixing, pure cryptocurrency exchanges and ITOs (ICOs). Concerning scientific methods, this paper is the result of qualitative research where the methods of analysis, synthesis and deduction were used.