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Beyond Bitcoin: Other Technological Advancements in Money Laundering
November 15th, 2013
Technological advancements in currency are already challenging our efforts toward transparency. As I’ve discussed before, digital currency, most notably Bitcoin, grant added flexibility and opacity to the international financial system for criminals, money launderers, and tax evaders. If trends continue on their current trajectory, these technological developments, namely digital currency, will represent a significant obstacle to stemming the continued tide of illicit financial flows from developing countries. Yet there are other technological—and digital—pathways for criminals to launder money. These are still not well-understood, but are nonetheless vitally important. The earlier—and better—we can understand them, the better our chance of tackling...
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Bitcoins: The Dangerous Alternative to Offshore
April 4th, 2013
Move over, Cayman. Step aside, Switzerland. The world’s next offshore powerhouse won’t be in the Caribbean or the Alps. It won’t be an island surrounded by water, a peninsula in Asia, or a tiny nation barely larger than a city. It won’t be in New York, Delaware, or London. Because it won’t be anywhere. It will all be a figment of our imaginations—and of course the internet. I’m talking about internet currencies, and specifically, the largest of them all: Bitcoins. And I firmly believe they will pose the next great challenge for stemming money laundering, corruption, and illicit financial flows. Bitcion...
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