Journal of Money Laundering Control Pub Date : 2021-10-04 , DOI: 10.1108/jmlc-07-2021-0077 Md. Zahurul Haq 1 , Kazi Fahmida Farzana 2 , Moniruzzaman Md 3
Purpose
This paper aims to examine the validity of a state’s prohibition on virtual assets in the context of its global commitment to battle against money laundering.
Design/methodology/approach
This was empirical legal research exploring how a general lack of expertise to apply a risk-based approach in anti-money laundering strategies might have implications for invoking the Financial Action Task Force (FATF) exclusion provisions in virtual asset regulation.
Findings
Invoking the exclusion provisions for banning virtual assets without meeting the prerequisites may put the financial system at risk and make a jurisdiction’s legal obligations appear breached.
Research limitations/implications
Anti-money laundering (AML) policymakers will take precautions and avoid misuse of the liberties they enjoy under FATF exclusion clauses/provisions.
Practical implications
The results of this study will help ensure more informed decision-making on the legal status and regulation of virtual assets.
Originality/value
The study helps ascertain the limits of privileges accorded to states under FATF exclusion provisions in applying global standards against money laundering.
中文翻译:
禁止虚拟资产会违反合法预期原则吗?
目的
本文旨在检验一个国家在打击洗钱的全球承诺背景下禁止虚拟资产的有效性。
设计/方法/方法
这是一项实证法律研究,探讨普遍缺乏在反洗钱策略中应用基于风险的方法的专业知识可能对在虚拟资产监管中援引金融行动特别工作组 (FATF) 排除条款有何影响。
发现
在不满足先决条件的情况下援引禁止虚拟资产的排除条款可能会使金融系统面临风险,并使司法管辖区的法律义务似乎受到违反。
研究限制/影响
反洗钱 (AML) 政策制定者将采取预防措施,避免滥用他们在 FATF 排除条款/规定下享有的自由。
实际影响
这项研究的结果将有助于确保对虚拟资产的法律地位和监管做出更明智的决策。
原创性/价值
该研究有助于确定根据 FATF 排除条款赋予各州在应用全球反洗钱标准时的特权限制。