Law Commons^™

Nation State Involvement In Cryptocurrency And The Impact To Economic Sanctions, Thomas Clautice

Economic Crime Forensics Capstones

With all the terms and evolving definitions of distributed ledger technology, blockchain, cryptocurrency, and digital currency, it is no wonder they have caused disruption and confusion to the current state of economic sanctions. Sanctioned individuals and countries may actively seek to evade the regulatory oversight of transactions that are completed in the United States dollar using cryptocurrency. The United States and the United Nations have used economic sanctions as a tool of encouragement, and punishment, for decades in the traditional banking and financial services space. Cryptocurrency has not easily fallen under this regulatory environment due to its decentralized nature, and …

Money Laundering Through Cryptocurrencies, George Forgang

Economic Crime Forensics Capstones

Bitcoin, the world’s first cryptocurrency, was first introduced in 2009, by Satoshi Nakamoto. While many believe the name is a pseudonym, and the true identity of the creator(s) is unknown, it is an undisputed fact that cryptocurrencies have introduced an indelible change to monies worldwide. Consequently, cryptocurrencies have also introduced a plethora of new opportunities for money laundering activity.

While cryptocurrencies follow the same three-step laundering process of placement, layering, and integration, the activity can be more difficult to detect due to the anonymous nature of cryptocurrencies. Moreover, while traditional schemes such as smurfing or gambling at a casino are …