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The implications of the Brexit from EU and bitcoin

Author

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  • Tareq Na'el Al-Tawil
  • Hassan Younies

Abstract

Purpose - The purpose of this paper is to tackle the most pressing issues confronting global anti-money laundering (AML) efforts, particularly, the implications of the Brexit from EU and the increasing association of bitcoin and cryptocurrencies with crimes. Design/methodology/approach - This paper will evaluate the implications of Brexit to AML efforts and the threat that cryptocurrencies like bitcoin pose to the financial system. Findings - Instead of banning trade and other transactions using BTC and other cryptocurrencies, financial experts, with the able assistance of IT and mining experts, from all over the world need to convene and tailor an effective regulatory framework. Solid cooperation among the international community, supported by unitary standards and procedures, will help boost the worlds AML/combatting the financing of terrorism (CFT) efforts. As an added bonus, effective regulation, monitoring and control can facilitate more efficient tax collection. Originality/value - Recommendations were advanced about the future of AML/CFT efforts and the need for internationally holistic approaches in combatting these twin scourges on all economies.

Suggested Citation

  • Tareq Na'el Al-Tawil & Hassan Younies, 2020. "The implications of the Brexit from EU and bitcoin," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 24(1), pages 137-149, July.
    • Handle: RePEc:eme:jmlcpp:jmlc-05-2020-0050
    DOI: 10.1108/JMLC-05-2020-0050
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    References listed on IDEAS

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    1. Michael Levi, 2002. "Money Laundering and Its Regulation," The ANNALS of the American Academy of Political and Social Science, , vol. 582(1), pages 181-194, July.
    2. Sean Foley & Jonathan R Karlsen & Tālis J Putniņš, 2019. "Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed through Cryptocurrencies?," The Review of Financial Studies, Society for Financial Studies, vol. 32(5), pages 1798-1853.
    3. Norman Mugarura, 2018. "The implications of Brexit for UK anti-money laundering regulations," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 21(1), pages 5-21, January.
    4. Edwin M. Truman & Peter Reuter, 2004. "Chasing Dirty Money: The Fight Against Anti-Money Laundering," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 381, April.
    Full references (including those not matched with items on IDEAS)

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