Online laundering more difficult

Online laundering more difficult

Tech November 25, 2016 09:03

brussels - Concealment of criminal activities through virtual money flows to be difficult. The European Parliament wants to tighten up a Commission proposal.

The European Commission proposed to money laundering in the summer, tax evasion and terrorist decline should be halted. On a proposal by VVD MEP Cora van Nieuwenhuizen has expanded its scope in the field of digital currencies.

Initially, it involved the exchange of information between tax authorities, but in a country is often more information by regulators. Which is not always passed. But this should by now adopted amendment in the European Parliament have become the rule. Banks are now required to report suspicious transactions, but not in virtual transactions.

The new directive, scheduled for the first half of 2017, should make better insight into who owns the laundered money. Increasingly, criminal money into digital currency such as Bitcoin and 800 other digital currencies. In June of this year represented all these coins estimated to be worth more than $ 10 billion.

Cases brought often associated with digital money include terrorism, drug trafficking, human trafficking and goksyndicaten.

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