Cryptocurrency Money Laundering: A New Challenge for the European Anti- Money Laundering Framework

Petar Ristic

doi:10.5771/1435-439X-2023-2-189

Contents
- Chapter Expand | CollapseAuthorsPage
- 123–124 Titelei/Inhaltsverzeichnis 123–124
- 125–150 Bindung an die Unionsgrundrechte in der Investitionsprüfung? Antonia Hagedorn Antonia Hagedorn 125–150
- 151–188 Die Europäische Staatsanwaltschaft – Der Schutz der finanziellen Interessen der EU als supranationales Integrationsprojekt Werner Miguel Kühn Werner Miguel Kühn 151–188
- 189–218 Cryptocurrency Money Laundering: A New Challenge for the European Anti- Money Laundering Framework Petar Ristic Petar Ristic 189–218
- 219–238 The EU’s Strategic Compass – Anything new for the EU’s CSDP? Sandro Knezović, Dunja Duić Sandro Knezović, Dunja Duić 219–238
- 239–276 Enforcing the Rule of Law in the EU: The Case of Poland and Hungary Hermann-Josef Blanke, Aimee Sander Hermann-Josef Blanke, Aimee Sander 239–276
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ZEuS Zeitschrift für Europarechtliche Studien , page 189 - 218

Cryptocurrency Money Laundering: A New Challenge for the European Anti- Money Laundering Framework

Autoren

Petar Ristic

DOI
- doi.org/10.5771/1435-439X-2023-2-189
- ISSN: 1435-439X
- ISSN online: 2942-3589
Abstract

Money laundering has developed at the same pace, if not quicker, as the laws that were meant to restrain it. The advent of cryptocurrency escalated the century-long arms race between money launderers and regulators as cryptocurrencies shifted the frontline from the thoroughly governed, centralized financial sector to the (semi)anonymous, decentralized and unevenly regulated cryptocurrency domain. Recent reports indicate that cryptocurrency money laundering represents a problem of considerable proportions. Owing to the fast-paced development of the crypto ecosystem and the growing interconnectedness between cryptocurrency and the traditional financial sector, forward looking and future-proof solutions are a conditio sine qua non for safeguarding the integrity of financial markets. Moreover, as cryptocurrency holds the promise of an accessible and expeditious transaction system, it is imperative to disperse the criminal label attached to it and work towards improving credibility through calculated regulation. Although some progress has been achieved at the EU level, European cryptocurrency anti-money laundering (AML) regulation is still in its nascent stage. European legislators have touched upon the topic of cryptocurrency in AMLD V, leaving considerable space for improvement. The objective of this study is to assess the European Union’s approach to regulating cryptocurrencies from an AML perspective and propose ways forward.
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