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The use of cryptocurrencies in the money laundering process

Author

Listed:
  • Chad Albrecht
  • Kristopher McKay Duffin
  • Steven Hawkins
  • Victor Manuel Morales Rocha

Abstract

Purpose - This paper aims to analyze the money laundering process itself, how cryptocurrencies have been integrated into this process, and how regulatory and government bodies are responding to this new form of currency. Design/methodology/approach - This paper is a theoretical paper that discusses cryptocurrencies and their role in the money laundering process. Findings - Cryptocurrencies eliminate the need for intermediary financial institutions and allow direct peer-to-peer financial transactions. Because of the anonymity introduced through blockchain, cryptocurrencies have been favored by the darknet and other criminal networks. Originality/value - Cryptocurrencies are a nascent form of money that first arose with the creation of bitcoin in 2009. This form of purely digital currency was meant as a direct competitor to government-backed fiat currency that are controlled by the central banking system. The paper adds to the recent discussions and debate on cryptocurrencies by suggesting additional regulation to prevent their use in money laundering and corruption schemes.

Suggested Citation

  • Chad Albrecht & Kristopher McKay Duffin & Steven Hawkins & Victor Manuel Morales Rocha, 2019. "The use of cryptocurrencies in the money laundering process," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 22(2), pages 210-216, May.
    • Handle: RePEc:eme:jmlcpp:jmlc-12-2017-0074
    DOI: 10.1108/JMLC-12-2017-0074
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    Citations

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    Cited by:

    1. Aziz N. Berdiev & Rajeev K. Goel & James W. Saunoris, 2024. "Global cryptocurrency use, corruption, and the shadow economy: New insights into the underlying linkages," American Journal of Economics and Sociology, Wiley Blackwell, vol. 83(3), pages 609-629, May.
    2. Nasir Sultan & Norazida Mohamed & Mervyn Martin & Hafizah Mohd Latif, 2023. "Virtual currencies and money laundering: existing and prospects for jurisdictions that comprehensively prohibited virtual currencies like Pakistan," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 27(2), pages 395-412, May.
    3. Vinay Asthana, 2024. "Corruption and crypto participation: Cross-country evidence," Economics Bulletin, AccessEcon, vol. 44(2), pages 720-730.
    4. Goel, Rajeev K. & Mazhar, Ummad, 2024. "Cryptocurrency use and tax collections: Direct and indirect channels of influence," Journal of Financial Stability, Elsevier, vol. 72(C).
    5. Christian Leuprecht & Caitlyn Jenkins & Rhianna Hamilton, 2022. "Virtual money laundering: policy implications of the proliferation in the illicit use of cryptocurrency," Journal of Financial Crime, Emerald Group Publishing Limited, vol. 30(4), pages 1036-1054, September.

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