Public Law Studies Quarterly

Legal Challenges of Combatting Money Laundering Originated Bitcoin with a Look at Iranian Laws and Regulations

Document Type : Article

Authors

Maryam Khosravi Nouri Nezhad 1
Sadegh Salimi 2
Hosein Sharifi Taraz Kouhi 3

1 Ph.D. Student of Public International Law, Department of Public & International Law, Faculty of Law, Theology and Political Science, Science and Research Branch, Islamic Azad University, Tehran, Iran.

2 Associate Professor, Department of international law and trade, Faculty of Law, Central Tehran branch, Islamic azad university, Tehran, Iran

3 Full Professor, Department of Public &International Law, Faculty of Law, Theology and Political Science, Science and Research Branch, Islamic Azad University, Tehran, Iran

https://doi.org/10.22059/jplsq.2022.292560.2237
Abstract
Cryptocurrencies are on the rise and so is money laundering. Some cryptocurrencies such as Bitcoin have played a major role in the proliferation of online money laundering as it possesses characteristics that criminals are fond of.Bitcoin and other cryptocurrencies are decentralized and anonymous. They provide the means to skirt the Anti-Money laundering safeguards that have been put in place. The purpose of this paper is introducing and investigation of the legal features of virtual money and combatting the ensuing money laundering, which has caused crimes such as fraud and organized crimes-originated internet money laundering, the main use of which is in virtual networks and communities. The aim of this paper is analyzing legal challenges of combatting cryptocurrencies-originated money laundering, investigating its influence on preventing money laundering in domestic and international level. It is finally concluded that it is better to spot the proper technologies and monitor the way they are used by complying with the current legal plans and amending them in line with state of the art methods rather than adding up to the rules and anticipating new generations of complicated technologies. 

Keywords

Bitcoin
Cryptocurrencies
FATF
Iran
Money Laundering
Subjects

  1.  English

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    1. C) Reports and Recommendations
    2. “Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies (2013)”, FIN-2013-G001
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    1. D) Thesis
    2. Galea, J. (2015). The Effect of Bitcoin on Money Laundering Law. Faculty ofLaw, University of Malta.

     

    1. E) Internet
    2. https://www.Unic-ir.org/publication/farsi/crime/crime1.htm
    3. https://www.xblockchain.me/8142/news/ بیت-کوین-و-بازار-سیاه /,2019.11.01

     

    References In Persian:

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    19.Yousefi Sdeqlou, A., & Daneshjoo, H. (2016). Challenges and limitations of money laundering combatting in Iran’s Law. Research Journal of Private and Criminal law, 2229,  53-72 (In Persian).

Public Law Studies Quarterly
Volume 53, Issue 4
Winter 2024
Winter 2024
Pages 2275-2300

  • Receive Date 15 November 2019
  • Revise Date 28 January 2022
  • Accept Date 26 June 2023

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