Purpose

The purpose of this paper is to illustrate how cryptocurrencies are being used as a vehicle for financial crime (such as money laundering, terrorist financing and corruption) and propose a more effective international standard for regulation that uses the Liechtenstein blockchain act as a benchmark.

Design/methodology/approach

This paper investigates how cryptocurrencies facilitate financial crime through a qualitative study consisting of interviews with 10 presumed providers of illegal financial services and 18 international compliance experts.

Findings

This study shows that cryptocurrencies are a highly suitable vehicle for money laundering, terrorist financing and corruption and that current compliance efforts in the cryptocurrency sector are ineffective.

Research limitations/implications

The presented findings illustrate that for a more effective combat of financial crime via cryptocurrency, an international standard for blockchain and cryptocurrency regulation must be created. This paper suggests that Liechtenstein’s innovative and comprehensive blockchain act could be used as a basis for said standard. Practitioners should also consider cooperating transnationally when prosecuting financial crime via cryptocurrency.

Originality/value

The fact that cryptocurrencies facilitate financial crime is widely known. However, this study combines the perspectives of both compliance experts and presumed criminals to gain a comprehensive understanding of the techniques that money launderers, terrorist financiers and corrupt public officials use. This paper examines the potential for the innovative Liechtenstein blockchain act, which has, thus, far not received empirical attention, to set the benchmark for international regulations.

中文翻译：

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加密货币和金融犯罪：来自列支敦士登的解决方案

目的

本文的目的是说明加密货币如何被用作金融犯罪（如洗钱、恐怖主义融资和腐败）的工具，并提出一个更有效的国际监管标准，以列支敦士登区块链行为为基准。

设计/方法/方法

本文通过对 10 位假定的非法金融服务提供商和 18 位国际合规专家进行访谈的定性研究来调查加密货币如何助长金融犯罪。

发现

这项研究表明，加密货币非常适合洗钱、恐怖主义融资和腐败，目前加密货币领域的合规工作无效。

研究限制/影响

所提出的调查结果表明，为了通过加密货币更有效地打击金融犯罪，必须创建区块链和加密货币监管的国际标准。本文建议列支敦士登创新而全面的区块链法案可以作为上述标准的基础。从业者在通过加密货币起诉金融犯罪时还应考虑跨国合作。

原创性/价值

加密货币助长金融犯罪的事实众所周知。然而，这项研究结合了合规专家和推定犯罪者的观点，以全面了解洗钱者、恐怖主义融资者和腐败公职人员使用的技术。本文研究了创新的列支敦士登区块链法案的潜力，该法案因此尚未受到实证关注，为国际法规设定基准。