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- Title
Virtual assets: compelling a new anti-money laundering and counter-terrorism financing regulatory model.
- Authors
Schmidt, Alicia
- Abstract
Virtual assets present unique Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) risks that have been overlooked by global regulation in the past. This article considers virtual assets' potential as a new way to exchange value and the need for effective AML/CTF regulation. It analyses the emerging issues that will elevate the risks and considers the current global regulatory response including the reliance on centralized intermediaries. This article recommends extending the regulatory framework to include regulation that is native to the peer-to-peer nature of virtual assets to address the risks. This article argues this new regulatory model will ultimately be more effective in achieving the goal of AML/CTF regulation than the current regulation has been in the traditional financial system. Despite the inherently global nature of virtual assets, where the domestic perspective is required this will be considered in the context of Australia, drawing upon other jurisdictions where applicable.
- Subjects
AUSTRALIA; MONEY laundering; FINANCING of counterterrorism; FINANCIAL Action Task Force; ASSETS (Accounting)
- Publication
International Journal of Law & Information Technology, 2021, Vol 29, Issue 4, p332
- ISSN
0967-0769
- Publication type
Article
- DOI
10.1093/ijlit/eaac001