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Liechtenstein’s Financial Underbelly: How Cryptocurrencies Facilitate Crime and Corruption in Emerging Markets

A recent study by Teichmann and Falker has brought to light the alarming extent to which cryptocurrencies are being used as a vehicle for financial crime, including money laundering, terrorist financing, and corruption. The research, published in the Journal of Money Laundering Control, highlights the need for a more effective international standard for regulating blockchain and cryptocurrency, with Liechtenstein’s innovative legislation serving as a benchmark.

The Study’s Findings

The study consisted of interviews with 10 suspected providers of illegal financial services and 18 international compliance experts. It found that cryptocurrencies are a highly suitable vehicle for perpetrating these crimes. Current efforts to combat financial crime in the sector were deemed ineffective, underscoring the urgent need for change.

Liechtenstein’s Blockchain Act: A Model for International Regulation

The researchers argue that Liechtenstein’s blockchain act, which has received little empirical attention thus far, holds significant potential as a model for international regulation. The act’s comprehensive approach and innovative features make it an attractive benchmark for other countries seeking to tackle financial crime in emerging markets.

Implications for Practitioners

The study’s findings have important implications for practitioners, who must now consider cooperating transnationally when prosecuting financial crimes linked to cryptocurrencies. The research also underscores the need for greater international coordination on blockchain and cryptocurrency regulation, with a view to creating a more effective standard for combating financial crime.

Lessons from Liechtenstein

Liechtenstein’s experience in regulating its burgeoning fintech sector could provide valuable lessons for other countries seeking to establish robust regulations. As the study concludes, “a more effective combat of financial crime via cryptocurrency requires an international standard for blockchain and cryptocurrency regulation.” Liechtenstein’s innovative legislation offers a promising starting point for achieving this goal.

Call to Action

In light of these findings, it is essential that governments and regulatory bodies work together to establish a global standard for regulating blockchain and cryptocurrency. By doing so, we can create a safer and more secure environment for financial transactions, ultimately protecting consumers and preventing the facilitation of crime and corruption.