Cryptocurrency and Money Laundering

What CPAs Should Know



Those with limited experience in the financial services sector may be unaware of the reporting requirements and risks.

Stablecoins continue to capture headlines, most notably through Facebook’s announcement of Libra. At its core, a stablecoin is a digital representation of one unit of an existing, tangible asset. Practitioners are well equipped to verify a liability does not exceed an asset.

There is a growing global concern by numerous oversight and regulatory bodies that these emerging assets pose a significant threat to efforts in combating money laundering and terrorist financing.  Cavalier reactions from many that scoff at this concern speaks to the underlying issue, most well-intentioned people do not understand the basics of money laundering.

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Source: Accounting Web

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