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Cryptocurrency as a New Challenge of Anti-Money Laundering System

Developing technology has a number of consequences in technical, economic and social spheres. Since 2008 when Satoshi Nakamoto proposed Bitcoin as a new electronic payment system based upon mathematical proof, its development, based on supply and demand ratio raises the question of their existence. The advantages that the proponents of cryptocurrencies highlight encompass various unresolved issues as a problem of (non) regulation, different attitudes towards its legal regulation, unpredictable value of the currency, and especially criminal activity connected to cryptocurrencies. New currencies and payment techniques involve more unexplored possibilities of business activity in a global market and have the potential to be used by individuals for illegal activities. Moreover, lack of supervision enables cryptocurrencies to serve in different types of criminal activities such as drug trafficking, terrorism financing, and money laundering, while the methods of utilization are increasingly diverse. According to mentioned, this article refers to the specificity of cryptocurrency, primarily Bitcoin, and their role in anti-money laundering system. The most attractive illegal virtual world activities, which can result in some of the greatest threats and challenges of the present age covered by the concept of cybercrime, will also be considered.

cryptocurrencies, Bitcoin, money laundering, terrorist financing

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