Sharing ledgers for sharing economies: an exploration of mutual distributed ledgers (aka blockchain technology)
The InterChainZ project was a consortium research project to share learning on MDLs during the summer of 2015. The study found that InterChainZ showcased several distributed ledger configurations and numerous variants, exploring how they might work in a set of agreed âuse cases.â The outputs were a series of functioning, interlinked MDLs along with software, explanatory materials and website information. The research consortium concluded that MDLs incorporating trusted third parties for some functions had significant potential in financial services, such as know-your-customer (KYC), antimoney-laundering (AML), insurance, credit and wholesale financial services.
UK national risk assessment of money laundering and terrorist financing
This is the UK's first money laundering and terrorist financing national risk assessment (NRA). In conducting this assessment the aim is to identify, understand and assess the money laundering and terrorist financing risks faced by the UK.
Virtual Currencies Key Definitions and Potential AML/CFT Risks
The FATF conducted research into the characteristics of virtual currencies to make a preliminary assessment of the ML/TF risk associated with this payment method. An important step in assessing the risks and developing an appropriate response, is to have a clear understanding of the various types of virtual currencies and how they are controlled and used. This report establishes a conceptual framework of key definitions, which could form the basis for further policy development.
Recommendations to prevent virtual currencies from being used for fraudulent purposes and money laundering
The group produced an overview of the risks and threats associated with virtual currencies, and drew up a set of recommendations with an eye to lessening their impact. Since the virtual currency sector is growing by leaps and bounds, it is worth pointing out that the recommendations are based on an analysis of the situation as of June 2014
Bitcoin and Money Laundering: Mining for an Effective Solution
This Note analyzes the effects of Bitcoin and analogous virtual currencies on antiâmoney laundering (AML) enforcement. Part I gives a brief primer on money laundering and virtual currencies. Part II offers a Bitcoin primer, which differentiates Bitcoin technology from traditional currencies and competing virtual currencies. Part III analyzes whether Bitcoin is legal to use or trade in the United States, using domestic and international adoption of Bitcoin for guidance. Part IV discusses whether current U.S. AML regulatory schemes encompass the entirety of Bitcoin use, finding that it does not. Finally, Part V offers suggestions for a regulatory scheme encompassing Bitcoin and analogous virtual currency technologies. Ultimately, this Note recommends regulating Bitcoin currency exchanges under existing AML regulation schemes instead of broadening statutory definitions to control all aspects of Bitcoin or analogous virtual currencies.
