Money laundering through crypto-assets: regulatory effectiveness and the gap between technological traceability and legal attribution in the European Union and the United States
DOI:
https://doi.org/10.64217/logosguardiacivil.v4i2.8913Keywords:
Cryptocurrencies, money laundering, organized crime, digital anonymity, financial regulation, emerging technologies, darknet, beneficial ownership, transparencyAbstract
Money laundering is a dynamic phenomenon that evolves in parallel with transformations in the international economic environment. Methods of illicit money laundering pose new challenges to authorities and financial institutions, largely driven by ongoing technological advancements. The use of emerging technologies gives rise to a layer of pseudonymity, which is no longer merely a technical feature; rather, it has evolved into a strategic instrument for criminal organisations seeking to sophisticate their laundering schemes by obscuring transactional traceability and the underlying economic and legal harms. This article analyses the problem of laundering illicit funds through crypto-assets by such organisations, as well as the various techniques employed to conceal traceability and identity. It first provides an in-depth examination of key international instruments, including the United Nations Convention against Transnational Organized Crime and the recommendations of the Financial Action Task Force (FATF), in relation to systems aimed at the prevention and suppression of illicit financial flows through crypto-assets. Building on this framework, this study undertakes a comparative analysis of the legislative approaches—markedly divergent—adopted in the United States and the European Union. This analysis goes beyond the mere identification of the problem; rather, it underscores the urgent need to strengthen regulatory frameworks by identifying significant legislative divergences, legal gaps, and the structural limitations of supervisory mechanisms.
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