IDEAS home Printed from https://ideas.repec.org/a/eme/jmlcpp/jmlc-07-2021-0077.html
   My bibliography  Save this article

Could banning virtual assets be a breach of the doctrine of legitimate expectation?

Author

Listed:
  • Md. Zahurul Haq
  • Kazi Fahmida Farzana
  • Moniruzzaman Md

Abstract

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.

Suggested Citation

  • Md. Zahurul Haq & Kazi Fahmida Farzana & Moniruzzaman Md, 2021. "Could banning virtual assets be a breach of the doctrine of legitimate expectation?," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 25(4), pages 719-729, October.
    • Handle: RePEc:eme:jmlcpp:jmlc-07-2021-0077
    DOI: 10.1108/JMLC-07-2021-0077
    as

    Download full text from publisher

    File URL: https://www.emerald.com/insight/content/doi/10.1108/JMLC-07-2021-0077/full/html?utm_source=repec&utm_medium=feed&utm_campaign=repec
    Download Restriction: Access to full text is restricted to subscribers
    File URL: https://www.emerald.com/insight/content/doi/10.1108/JMLC-07-2021-0077/full/pdf?utm_source=repec&utm_medium=feed&utm_campaign=repec
    Download Restriction: Access to full text is restricted to subscribers
    File URL: https://libkey.io/10.1108/JMLC-07-2021-0077?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eme:jmlcpp:jmlc-07-2021-0077. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Emerald Support (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.