An Analytical Study of Cryptocurrency and its Connection with Money Laundering Policies and Financial Terrorism and the Impact of Anti Money Laundering Policies upon it.

Khali, Muhammad Junaid (2020) An Analytical Study of Cryptocurrency and its Connection with Money Laundering Policies and Financial Terrorism and the Impact of Anti Money Laundering Policies upon it. Masters thesis, Griffith College.

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Abstract

Globalisation and technological advancements have improved every aspect of human life and advancements in trade and business environments have been improved exponentially. However, the development and advancement which has completely changed the method of business and trade is its financial transaction of the economic exchange process and the most significant development in this field is virtual currency or cryptocurrencies. Bitcoin was created by Satoshi Nakamoto and it was approved for operation in economic transactions in 2009 and hence, it became the first kind of cryptocurrency the 21st century observed and established as the replacement for tedious economic transactions. However, there are multiple situations that observe a sudden drop of faith and belief in the cryptocurrency transactional process and multiple rampant scams and corruptions contributed to developing this notion about the cryptocurrency and its association with financial terrorism and other illicit activities. Hence, with this research process, an outline has been selected so that all the loopholes and limitations of the anti-money-laundering policies could be identified with investigating the lack of central authorities in mind. This is the reason; a mixed method analytical (quantitative-qualitative) study has been conducted with the inclusion of experts from the UK and Ireland as research participants and the data collected from their interview and survey responses have been used to identify the answers this research finds through its comprehensive analysis.

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