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Growing concern over the increase in the use of cryptocurrencies in illicit activities all over the world is becoming stronger. More than 60 financial investigators from the Interpol and Europol organizations from more than 30 countries participated in a cryptocurrency workshop in January to discuss measures that can be taken to combat the misuse of cryptocurrencies.

According to Rob Wainwright, at the head of Europol, no less than $ 5.5 billion was laundered each year by cryptocurrency.

Blockchain provides a public registry of all crypto transactions, criminals use cryptocurrency goblets or cryptocurrency blending services to obscure the path to the source of the fund.

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Source: Recorded Future

New cryptocurrencies such as Cloakcoin, Dash, PIVX and Zcoin have integrated mixing services into the part of their Blockchain network.Monero, the favorite crypto of drug traffickers, provides anonymity without tumbling services because of its blockchain-centered privacy design.Therefore, more efforts need to be devoted to crypto-currency monitoring with privacy or blending features, cryptographic mixers and tumblers, as they can hinder tax collection, anti-money laundering practices and enforcement agencies As part of this workshop, many regulators around the world, including the United States, the EU, Japan, and Australia, have intensified their fight against "crimes". using cryptocurrencies.

European Union (19459012)

The Committee of 45 Members of the European Parliament will launch an investigation into money laundering and tax evasion related to the thriving digital economy in the shadow of tax havens. On 7 February 2018, the European Parliament voted to create a committee entitled Tax 3, which will examine for the first time the tax privileges established in the framework of citizenship programs or non-domiciliation schemes offered by Portugal , Italy, Malta, the United Kingdom and Cyprus. as dependencies of the Crown and overseas territories.

Given that the power to levy taxes is essential to the sovereignty of the EU Member States, which attributed only limited EU competences in this area , Tax3 will have to be confirmed by a plenary vote in March to undertake the investigation of financial crimes in the next twelve months.

United States (US)

The Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department regulates cryptocurrency swaps under current law for issuers. ;money. It also requires that US holders of financial interests or signatories of foreign financial accounts (including crypto-denominated accounts) file a foreign bank account report entitled FinCEN 114 if the total value of foreign financial accounts exceeds 10,000. $ at any time of the calendar. year. FinCEN indicated that it was "aggressively" pursuing cryptocurrency fraudsters and platforms that lack strong internal safeguards against money laundering, even those located outside the United States. United.

Internal Revenue Service-Criminal Investigation (IRS-CI) The IRS-CI has indicated that it has strengthened its staff with ten additional new investigators to facilitate the tracking of cross-border fraudsters with respect to Encryption

The USIC Immigration and Customs Enforcement (ICE) – The ICE has indicated infiltration techniques for infiltrating and exploiting peer-to-peer cryptocurrency exchangers that generally bleach products using mixers

Japan

Financial Services Agency (FSA) – FSA has begun to inspect all cryptocurrency exchanges $ 530 million. Digital money from the Coincheck exchange in one of the largest cyber forex traders on file.

The Australian Transaction Reports and Analysis Center (AUSTRAC) – On December 13, 2017, AUSTRAC amended its 2006 Anti-Money Laundering and Terrorist Financing Act to fight against money laundering and the financing of terrorism using cryptos. Under this change, crypto exchanges are needed to identify customers more strictly and report suspicious transactions. AUSTRAC is currently consulting the industry for comments on the newly introduced draft rules.

The opinions and interpretations contained in this article are those of the author and do not necessarily represent those of Cointelegraph.