Illicit Finance Risk Assessment Of Decentralized Finance
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Illicit Finance Risk Assessment Of Decentralized Finance
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Author : Department of Treasury
language : en
Publisher: Nimble Books
Release Date : 2023-04-11
Illicit Finance Risk Assessment Of Decentralized Finance written by Department of Treasury and has been published by Nimble Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-04-11 with categories.
The Illicit Finance Risk Assessment of Decentralized Finance report by the U.S. Department of the Treasury examines the risks associated with decentralized finance (DeFi) services and their potential use for illicit finance activities such as money laundering, terrorism financing, and acquisition of materials for weapons of mass destruction (WMD) programs. The report identifies key factors such as non-compliant DeFi services, disintermediation, a lack of implementation of international anti-money laundering/counter-financing of terrorism (AML/CFT) standards in foreign countries, and cybersecurity weaknesses in DeFi services that continue to pose vulnerabilities that enable criminal use of DeFi services. The report highlights the vulnerabilities and potential exploits in open-source code, which can lead to widespread exploits if code reused in multiple DeFi services contains vulnerabilities. The public availability of many DeFi services' source code also presents the opportunity for other persons to reuse the code in smart contracts for a separate DeFi service. The document emphasizes that it is critical that the DeFi service identifies and addresses vulnerabilities and potential exploits in open-source code. Color interior. The report recommends several actions to address these risks, including strengthening AML/CFT supervision of virtual asset activities, assessing possible enhancements to the U.S. AML/CFT regulatory regime as applied to DeFi services, continuing research and private sector engagement to support understanding of developments in the DeFi ecosystem, continuing to engage with foreign partners, advocating for cyber resilience in virtual asset firms, testing of code, and robust threat information sharing, and promoting responsible innovation of mitigation measures. Overall, the report concludes that DeFi poses significant illicit finance risks and calls for increased regulatory oversight and collaboration between government agencies and the private sector to address these risks. The report also poses several questions for consideration, such as what factors should be considered to determine whether DeFi services are a financial institution under the Bank Secrecy Act (BSA), how can the U.S. government encourage the adoption of measures to mitigate illicit finance risks, and how should AML/CFT obligations vary based on the different types of services offered by DeFi services.
Ireland
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2022-10-21
Ireland written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-10-21 with Business & Economics categories.
While domestic money laundering (ML) threats are well understood by the authorities, Ireland faces significant and increasing threats from foreign criminal proceeds. As a growing international financial center,1 Ireland is exposed to inherent transnational money laundering and terrorist financing (ML/TF) related risks. The ML risks facing Ireland include illicit proceeds from foreign crimes (e.g., corruption, tax crimes). Retail and international banks, trust and company service providers (TCSPs),2 lawyers, and accountants are medium to high-risk for ML, while virtual asset service providers (VASPs) pose emerging risks. Brexit, the recent move of international banks to Dublin, and the COVID-19 pandemic increased the money laundering risks faced by Ireland. The Central Bank of Ireland (Central Bank) nevertheless has demonstrated a deep and robust experience in assessing and understanding their domestic ML/TF risks; however, an increased focus on risks related to transnational illicit financial flows is required. A thematic risk assessment undertaken by the Anti-Money Laundering Steering Committee (AMLSC) of international ML/TF risks would enhance the authorities’ risk understanding and is key to effective response to the rapid financial sector growth. Introducing data analytics tools, including machine learning to leverage potentially available big data on cross-border payments, would allow for efficient detection of emerging risks. The results of this assessment should be published to improve the understanding of transnational ML/TF risks and feed into the anti-money laundering and combating the financing of terrorism (AML/CFT) policy priorities going forward.
A Comprehensive Guide For Web3 Security
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Author : Ken Huang
language : en
Publisher: Springer Nature
Release Date : 2024-01-28
A Comprehensive Guide For Web3 Security written by Ken Huang and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-01-28 with Business & Economics categories.
With the recent debacle of cryptocurrency exchange FTX and the crypto trading company Alameda Research, the importance of comprehending the security and regulations of Web3, cryptocurrency, and blockchain projects has been magnified. To avoid similar economic and security failures in future Web3 projects, the book provides an essential guide that offers a comprehensive and systematic approach to addressing security concerns. Written by experts in tech and finance, it provides an objective, professional, and in-depth analysis of security and privacy issues associated with Web3 and blockchain projects. This book highlights the security related to foundational Web3 building blocks such as blockchain, crypto wallets, smart contracts, and token economics, and describes recommended security processes and procedures for Web3 application development such as DevSecOps, data analytics, and data authenticity via the oracle. Moreover, the book discusses the legal and regulatory aspects of Web3 and the reasons behind the failures of well-known Web3 projects. It also contains detailed case studies of web3 projects, analyses of the reasons for their failures, and some pending legal cases. This book is an excellent resource for a diverse range of readers, with particular appeal to web3 developers, architects, project owners, and cybersecurity professionals seeking to deepen their knowledge of Web3 security.
People S Republic Of China
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Author : International Monetary Fund. Legal Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-06-21
People S Republic Of China written by International Monetary Fund. Legal Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-21 with Social Science categories.
This report provides a summary of the anti-money laundering/combating the financing of terrorism (AML/CFT) measures in place in the People’s Republic of China (China)1 as at the date of the onsite visit (July 9–27, 2018). It analyzes the level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the level of effectiveness of China’s AML/CFT system and provides recommendations on how the system could be strengthened. China has undertaken a number of initiatives since 2002 that have contributed positively to its understanding of ML/TF risk, although some important gaps remain. Its framework for domestic AML/CFT cooperation and coordination is well established.
The Next Systemic Financial Crisis Where Might It Come From
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Author : Andreas Dombret
language : en
Publisher: Walter de Gruyter GmbH & Co KG
Release Date : 2024-01-29
The Next Systemic Financial Crisis Where Might It Come From written by Andreas Dombret and has been published by Walter de Gruyter GmbH & Co KG this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-01-29 with Law categories.
Where might the next systemic financial crisis come from? And how do we achieve financial stability in a poly crisis world? This book addresses macroeconomic factors, crypto assets, non-bank financial institutions and regulated financial service providers, keeping in mind that each sector can interact with the others to produce a cluster of risks with compounding effects.
Organized Crime Money Laundering
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Author : William B. Z. Vukson
language : en
Publisher: G.7 Report
Release Date : 2003
Organized Crime Money Laundering written by William B. Z. Vukson and has been published by G.7 Report this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
With the globalization of finance and the speed of electronic transactions, the world's leading nations are leading the battle against the money laundering activities of organized crime. Two of the world's leading organized crime journalists, Antonio Nicaso and Lee Lamothe, are major contributors to the book, which investigates the Japanese underworld, counterfeiting, Russian organized crime and the global influence of the Mafia. The highlight of this new book, however, is an interview with Giulio Andreotti, the disgraced former Prime Minister of Italy, whose arrest and conviction so controversially brought the issue of organized crime to the attention of the world.
Terrorist Use Of Cryptocurrencies
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Author : Cynthia Dion-Schwarz
language : en
Publisher:
Release Date : 2019-05-31
Terrorist Use Of Cryptocurrencies written by Cynthia Dion-Schwarz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-31 with Business & Economics categories.
Terrorist organizations might increase use of digital cryptocurrencies to support their activities. RAND researchers consider the needs of such groups and the advantages and disadvantages of the cryptocurrency technologies available to them.
Making Remittances Work
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Author : Emiko Todoroki
language : en
Publisher: World Bank Publications
Release Date : 2014-06
Making Remittances Work written by Emiko Todoroki and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06 with Business & Economics categories.
Migrant workers routinely send small sums back to their families -- often a crucial lifeline for their survivial. But sending money across countries for these low income people is not easy and often very expensive and risky. Better regulation and supervision of these payment channels can make the process easier to access and more secure.
Gibraltar
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2007-05-21
Gibraltar written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-05-21 with Social Science categories.
Gibraltar’s Detailed Assessment Report on Anti-Money Laundering (AML) and Combating the Financing of Terrorism is reviewed. The principal AML risk to Gibraltar is lodged in its professional sector, which is likely to be involved in the layering and integration of proceeds of crime. There is also some risk to Gibraltar at the placement stage, in connection with drug trafficking, migrant smuggling, and organized crime in southern Spain. The Financial Services Commission in Gibraltar has established a strong, risk-based framework for financial institutions for AML.
Virtual Currencies And Beyond
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Author : Mr.Dong He
language : en
Publisher: International Monetary Fund
Release Date : 2016-01-20
Virtual Currencies And Beyond written by Mr.Dong He and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-01-20 with Business & Economics categories.
New technologies are driving transformational changes in the global financial system. Virtual currencies (VCs) and the underlying distributed ledger systems are among these. VCs offer many potential benefits, but also considerable risks. VCs could raise efficiency and in the long run strengthen financial inclusion. At the same time, VCs could be potential vehicles for money laundering, terrorist financing, tax evasion and fraud. While risks to the conduct of monetary policy seem less likely to arise at this stage given the very small scale of VCs, risks to financial stability may eventually emerge as the new technologies become more widely used. National authorities have begun to address these challenges and will need to calibrate regulation in a manner that appropriately addresses the risks without stifling innovation. As experience is gained, international standards and best practices could be considered to provide guidance on the most appropriate regulatory responses in different fields, thereby promoting harmonization and cooperation across jurisdictions.