WATCHDOGS GIRD THEIR LOINS OVER VIRTUAL MONEY
December 1st, 2013
THE EXPLOITATION of virtual currencies such as Bitcoin, Litecoin, Peercoin and Namecoin, to name but a few, by money launderers is an emerging concern amongst anti-money laundering (AML) regulators. They may not be legal tender, but they are convertible if owners can find institutions or people willing to turn them into fiat currency. They are traded at market prices quoted as an equivalent sum in a real currency, and are used as a substitute for real currency in transactions. Virtual currencies are stored in online ‘digital wallets’ accounts, with varying ...
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