We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
ABUSE OF CRYPTOCURRENCIES AS A MODERN FORM OF MONEY LAUNDERING AND FINANCING OF TERRORISM.
- Authors
AJDINI, Vesa
- Abstract
Nowadays, we often come across the term cryptocurrency. Some more, some less, but the majority of our population is very familiar with the concept of virtual money. Virtual currencies become a new reality not only for financial systems, for the digital world and for their users, but also for law enforcement agencies and the judiciary. One of the biggest risks that come with digital cryptocurrencies is their use for various illegal activities. Regardless of whether it is about paying bribes, selling the hidden internet (dark web) or financing terrorism. Cryptocurrencies have become attractive to terrorists who see them as a means to collect donations, buy or sell weapons on the dark web, and move funds globally to increase their financial capabilities. The number of countries that express concern for the danger of using cryptocurrencies for illegal activities among which are money laundering and terrorism financing is increasing. The key issue of concern and attention in the world is the anonymity and pseudonymity of cryptocurrencies, that should a single cryptocurrency emerge that provides widespread adoption, better anonymity, improved security, and that is subject to lax or inconsistent regulation, then the potential utility of this cryptocurrency, as well as the potential for its use by terrorist organizations, would increase and will which prevents proper monitoring of transactions by state institutions and allows the completion of suspicious transactions outside the regulated systems. The paper provides an overview and elaborates the existing legal framework, measures and activities undertaken by the Republic of North Macedonia in the fight against money laundering and terrorist financing in the crypto sector. The practicalities related to detecting frauds and abuses of cryptocurrencies and the existing preventive measures in Republic North Macedonia will be presented, elaborated, and reviewed through legal framework analysis. We can conclude that national authorities along with its international bodies of counterterrorism now deal with a new kind of money laundering, say, a "crypto laundering", and a key way in which the abuse of the use of cryptocurrency can be prevented.
- Subjects
MACEDONIA; MONEY laundering; ELECTRONIC money; CRYPTOCURRENCIES; FINANCIAL literacy; TERRORISM; TERRORIST organizations
- Publication
Vizione, 2024, Issue 42, p131
- ISSN
1409-8962
- Publication type
Article