Benchmarking Cryptocurrency Against Current International and Domestic Anti-Money Laundering Legislation

This project seeks to develop a comprehensive understanding of the emergence of the regulation of cryptocurrencies (like Bitcoin). First, this project looks to the history of cryptocurrencies and other blockchain technologies, mapping the rise in consumer use of the online currency. Next, this study pulls legal cases from the international and domestic sphere which regulate cryptocurrency in Australia, Canada, and the United States. Subsequently, this study maps international and domestic anti-money laundering and countering the financing of terrorism laws with the rise of popular cryptocurrencies. By benchmarking changes in financial regulation through legal cases, this study can identify the deficiencies within the anti-money laundering system, and how criminals continuously use the system for illegal activities. Finally, this paper provides policy recommendations for updating legislation surrounding domestic and international money laundering. This paper hopes to provide a comprehensive look at emerging currencies that benefit the consumer, while remaining safe and legal to use.

Faculty Supervisor:

Christian Leuprecht

Student:

Partner:

University of Sydney

Discipline:

Sociology

Sector:

Education

University:

Queen's University

Program: