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How to Not Get Caught When You Launder Money on Blockchain? [article]

Cuneyt G. Akcora, Sudhanva Purusotham, Yulia R. Gel, Mitchell Krawiec-Thayer, Murat Kantarcioglu
2020 arXiv   pre-print
We argue that following a few select strategies can make money laundering on blockchain virtually undetectable with most of the existing tools and algorithms.  ...  The number of blockchain users has tremendously grown in recent years. As an unintended consequence, e-crime transactions on blockchains has been on the rise.  ...  money laundering techniques.  ... 
arXiv:2010.15082v1 fatcat:46vapkkq25hv3luabg4moszlbm

The Influence and Application of Artificial Intelligence &Blockchain on Financial Service

Shu-Han Chang, Chien-Ping Shih
2018 Holistica  
Although Taiwan's innovation industry faces many restrictions on its development, it will still go through it.  ...  Therefore, Taiwan has continued to update laws and regulations related to financial technology.  ...  (V) Challenges Blockchains have the greatest impact on anti-money laundering software vendors.  ... 
doi:10.2478/hjbpa-2018-0022 fatcat:bhlfimthnrfztl3rqqofqtovku

Blockchain Technologies and Remittances: From Financial Inclusion to Correspondent Banking

Ludovico Rella
2019 Frontiers in Blockchain  
provided that: • a full bibliographic reference is made to the original source • a link is made to the metadata record in DRO • the full-text is not changed in any way The full-text must not be sold in  ...  the constitution and configuration of money, finance, and markets.  ...  This literature needs to reconcile with previous scholarship on money and finance to understand not only how the new technology impacts on existing hierarchies, but how both existing and emerging technologies  ... 
doi:10.3389/fbloc.2019.00014 fatcat:erch5bc7pfcezc7ouqwwspphf4


Atef Ghalwesh, Shimaa Ouf, Amr Sayed
2020 International Journal of Economics and Financial Issues  
In this paper, we propose a framework that proposed in anew exchange market by integrating blockchain technology and IOT (internet of things) to increase the security in the two processes that consider  ...  Second: Black net in which many illegal trades could be done and how can the third part (governments) monitor the relationship between buyers and sellers to avoid this problem.  ...  and the seller and how to avoid money laundering through their transactions or black net.  ... 
doi:10.32479/ijefi.9130 fatcat:t74hzxgutrdxxinq4vk6arjola

Taking Blockchain Seriously

Robert Herian
2018 Law and Critique  
the technology and those promoting it, in order to ensure democratic accountability and regulatory legitimacy within the blockchain ecosystem and beyond.  ...  In the present techno-political moment it is clear that ignoring or dismissing the hype surrounding blockchain is unwise, and certainly for regulatory authorities and governments who must keep a grip on  ...  stifling innovation' (Singh 2017) .8 The UK and EU are both presently considering the need to regulate cryptocurrency in order to address problems of anonymity apropos money laundering and tax evasion  ... 
doi:10.1007/s10978-018-9226-y fatcat:i2m764xdund4jk3snwmqscuase

Blockchain-Empowered Mobile Edge Intelligence, Machine Learning and Secure Data Sharing [chapter]

Yao Du, Shuxiao Miao, Zitian Tong, Victoria Lemieux, Zehua Wang
2021 Blockchain Potential in AI [Working Title]  
To handle these problems, blockchain has been considered as a promising solution. As a distributed smart ledger, blockchain is renowned for high scalability, privacy-preserving, and decentralization.  ...  To realize AI at the edge of the network, IoT devices can offload training tasks to MEC servers.  ...  So how do we protect the network and the ledger system's integrity, making sure no one is taking extra money that does not belong to them or preventing one's money from being stolen [7] .  ... 
doi:10.5772/intechopen.96618 fatcat:tjon4elghrcq5e5lfsfmyx2srm

Virtual Currencies and Blockchains Potential Impacts on Financial Market Infrastructures and on Corporate Ownership

Paola Fico
2016 Social Science Research Network  
Part 3 of this paper tries to focus and analyse potential impacts on corporate ownership in case of investments in listed companies realized in blockchains processes.  ...  But such dire predictions miss a far more important point: whether bitcoin survives or not, the technology underlying it is here to stay (so called blockchain or public ledger currency platforms).  ...  If investors put in a wrong address when sending buy orders they may not be able to get the VC units back.  ... 
doi:10.2139/ssrn.2736035 fatcat:cb4drw2nsjchtajgpqy3dnk4mu

Legal Risks of Owning Cryptocurrencies [chapter]

Kelvin F.K. Low, Ernie Teo
2018 Handbook of Blockchain, Digital Finance, and Inclusion, Volume 1  
Cryptocurrencies like Bitcoin have matured from being associated exclusively with techies and radicals to being considered by central banks as a technology to implement digital money.  ...  In this chapter, we look at the various treatments of money in the legal sense and discuss the risks associated with each by drawing on real life examples.  ...  David Chaum, observed, 'It was hard to get enough merchants to accept it, so that you could get enough consumers to use it, or vice versa'.54 This practical problem resulted in DigiCash Inc, the company  ... 
doi:10.1016/b978-0-12-810441-5.00010-5 fatcat:2irjmnj2czbpraiwivvn5i32cq

Ban on Private Cryptocurrencies & Advent of Central Bank Digital Currency : The Way Ahead for Blockchain Technology in India

Pankaj Kumar Sharma
2020 Zenodo  
Ban on Private Cryptocurrencies & Advent of Central Bank Digital Currency : The Way Ahead for Blockchain Technology in India  ...  So if one wants to make some trade in crypto, one has to transfer his funds on bank account first. It would make problems to explain where you got that amount of money, if it was acquired illegally.  ...  It is to be noted that one has to do bank payment first to get cryptocurrencies that actually worth something. But a lot of income from black markets is in cash.  ... 
doi:10.5281/zenodo.4000319 fatcat:2c7b7hbk3barbhugiqsipaj364

Blockchains: Regulating the Unknown

Michèle Finck
2018 German Law Journal  
As a consequence, I put forward a number of regulatory techniques, including a process of polycentric co-regulation that relies on the regulatory potential of (blockchain) software and the adoption of  ...  Regulators asked to engage with distributed ledgers are thus compelled to regulate the unknown.  ...  In this context, public policy considerations include-but are not limited to-the prevention of money laundering, safeguarding consumer protection, such as in the context of ICOs, and the protection of  ... 
doi:10.1017/s2071832200022847 fatcat:s5hmvnktpjfgblflc2etua5fum

Blockchain Security: Situational Crime Prevention Theory and Distributed Cyber Systems

Nicholas J. Blasco, Nicholas A. Fett
2019 International journal of cybersecurity intelligence and cybercrime  
The authors laid the groundwork for analyzing the crypto-economic incentives of interconnected blockchain networks and utilize situational crime prevention theory to explain how more secure systems can  ...  Criminal strategies on blockchain networks in the digital realm are similar to criminal strategies in the physical realm; therefore, the application of criminology can lead to more efficient development  ...  Analyzing the weaknesses of current technological advances and reviewing criminological theory can give us insight into how and when cyber-attacks on a blockchain network are likely to occur.  ... 
doi:10.52306/02020419tegr1675 fatcat:yhwzybmpara3hoxonbpywojaxi

The use of blockchain by international organizations: effectiveness and legitimacy

Georgios Dimitropoulos
2022 Policy & Society  
Blockchain is a new general-purpose technology that poses significant challenges to policymaking, law, and society.  ...  The global nature of blockchain has led to its adoption by international organizations such as the United Nations and the World Bank.  ...  Acknowledgment I am grateful to Professors Leslie Pal and Judith Clifton as well as the anonymous reviewers for their very insightful comments.  ... 
doi:10.1093/polsoc/puab021 fatcat:b5nzmt6b6jdwfdivgug7fvvdpm

Block-by-Block: Leveraging the Power of Blockchain Technology to Build Trust and Promote Cyber Peace

Scott Shackelford, Steven Myers
2016 Social Science Research Network  
"Why should you care? Maybe you're a music lover who wants artists to make a living off their art. Perhaps you're an immigrant who's sick of paying big fees on remittances.  ...  There has been increasing interest in the transformative power of not only crypto-currencies like Bitcoin, but also the technology underlying them-namely blockchain.  ...  No matter how big, no matter how much money they throw at cyber security, they get backed.  ... 
doi:10.2139/ssrn.2874090 fatcat:cjfjndmzwrhm5puq52hyvgnr34

A Blockchain-Based Approach Towards Overcoming Financial Fraud in Public Sector Services

Hissu Hyvärinen, Marten Risius, Gustav Friis
2017 Business & Information Systems Engineering  
While the prototype is based on the specific context of the Danish tax authority, we discuss how it can be generalized for tracking international and interorganizational transactions.  ...  blockchain capacities.  ...  -Expert A "We also have this thing that we want people to invest in stocks in Denmark, so if you make a really efficient system where you have to prove a lot in order to get the refund, people will not  ... 
doi:10.1007/s12599-017-0502-4 fatcat:clyzjs4wcbd3bbvchpxorcd2wi


Gustavo Rabay GUERRA, Henrique Jerônimo Bezerra MARCOS
2019 Revista Juridica  
The study intends to shed light on the matter, helping to visualize how future anti money laundering – AML regulation should focus on tackling crypto criminal activity effectively.  ...  Objective:The paper analyzes money laundering through crypto-assets and offers a legal perspective on how this new technology can be used to commit these felonies.  ...  Peer-to-peer means that when you send a transaction to the network, every peer treats it the same. It has no context inside the peer's system other than what it gets from the network.  ... 
doi:10.21902/revistajur.2316-753x.v4i57.3757 fatcat:znhmp46lobdrhmcjqyjtbrmhdq
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