United Nations Considers That Cryptocurrencies Help Terrorists
United Nations Concerns on Cryptocurrencies
In a conversation with Australian journalist Linda Mottram, Neil Walsh, head of the cybercrime and anti-money laundering department, said that the anonymizing and pseudo-anonymizing attributes of cryptocurrencies provide “new layer of secrecy that favors the criminals“.
In particular, Walsh expressed concern about the role of cryptocurrency in the child trafficking industry. With the advent of cryptocurrencies, it has become more difficult for investigators to track payments:
When you add a layer that is encrypted that is anonymous or pseudo-anonymous, then it makes it very difficult for investigators to counter that challenge and also, it really makes it easier for the bad guys to do what they do, and that creates risks, especially for our children.
FATF Regulations and Cryptocurrency Exchanges
In addition, Walsh said efforts should be directed to cryptocurrency exchanges and exchanges where illegal funds could be laundered. He added that the security protocol will not interfere with the average user.
The FATF has the opportunity to solve the problem of cryptocurrency tracking.
In June, the FATF issued a cryptocurrency review, according to which the cryptocurrency exchange and other cryptocurrency service providers should be regulated as well as direct financial companies.
In accordance with this condition, exchange and purchasing services will be required to retain information about their customers and accounts.
We’re still waiting to see how that plays out
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